Ratings agency Standard & Poor's has upgraded Indonesia's sovereign credit rating following the election of Joko Widodo to a second term as president.

The organization said Friday the upgrade reflects Indonesia's strong economic growth prospects, which "we expect to remain following the reelection of Joko Widodo recently."

The rating was increased to BBB from BBB-minus and potentially makes it easier for the government to borrow abroad and at lower interest rates.

Official results last week confirmed Widodo won 55.5% of the vote in the April 17 election.