ABSTRAK
Indonesia mendapatkan kembali status layak investasi pada 15 Desember 2011dari Lembaga Pemeringkat Fitch’s.Pencapaian ini ditunggu Indonesia selama 14tahun setelah krisis Asia. Laporan ini menganalisa data 18 tahunan untukmendapatkan bukti tersebut. Variabel dependennya adalah investasi langsungasing. Adapun variabel independen antara lain, cadangan devisa mata uang asing,pertumbuhan ekonomi dan derajat keterbukaan. Ditambah dua dummy. Dummy 1untuk kenaikan peringkat di risiko spekulatif, dan dummy 2 merefleksikan statuslayak investasi. Karena semua variabel memiliki tingkat stasioneritas yangberbeda, maka diputuskan menggunakan analisa pendekatan AutoregressiveDistributed Lag (ARDL). Hasil penelitian menunjukkan tidak ada hubungansignifikan antara peringkat investasi dengan investasi langsung asing di Indonesia.Begitupun dampak kenaikan peringkat di level spekulatif terhadap FDI. Variabelyang signifikan hanyalah cadangan devisa mata uang asing.

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ABSTRACT
Indonesia regained its first investment grade in 15th December 2011 fromFitch’s Rating Agency. This achievement had to wait for 14 years after AsianCrisis. This paper analyzed 18 years data (1996-2013) to prove the effect ofinvestment grade on FDI. FDI measured as a dependent variable. The independentvariables were foreign reserve, growth, openness, and two dummies for the creditratings. Dummy1 reflected the fluctuated ratings in speculative time, in the otherhand dummy2 for the time Indonesia gained investment grade. Since the variableshad variety in stationary level (only openness was stationer in level), so i decidedto use Autoregressive Distributed Lag (ARDL) approach. The result showed thatthere was no significant impact of investment grade (dummy2) toward FDI. Northe improvement of speculative grade toward FDI. The significant variable wasforeign reserve only.