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View all search resultsS&P maintains BBB rating with stable outlook for RI, says Purbaya
Finance Minister Purbaya Yudhi Sadewa said that S&P would come to Indonesia in June to reassess the country’s economy and budget “thoroughly”.
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Light from LCD projectors shines on Finance Ministry Purbaya Yudhi Sadewa's face before he sits down to brief the press on Oct, 24, 2025, about what the ministry has done to fix the faulty Coretax system at the Finance Ministry's press room in Jakarta. (JP/Deni Ghifari)
F
inance Minister Purbaya Yudhi Sadewa has claimed that S&P Global Ratings will maintain Indonesia’s credit rating at investment-grade BBB with a stable outlook following a meeting with the agency in his first overseas trip.
Purbaya said on Thursday that the meeting discussed whether the government would be “consistent in maintaining” a deficit below 3 percent of gross domestic product, which is a conservative threshold Indonesia adopted in a law in the aftermath of the Asian Financial Crisis in 1997-1998.
“And the happy news for me is that S&P said they give confirmation our rating remains at BBB with a stable outlook,” said Purbaya in a video interview from Washington, DC, the United States, on the sidelines of the 2026 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group.
Both Moody’s Ratings and Fitch Ratings have also maintained Indonesia’s credit rating in its place last month but downgraded the outlook from stable to negative on account of weak revenue intake paired with high debt servicing cost.
Purbaya said S&P has similar concerns “but I convinced them that it’s controllable going forward and not at all at a dangerous level”. He said S&P agreed that “all economic activities have improved”, which might explain the outlook.
He went on to say that the agency specifically pointed out how Indonesia’s ratio of interest rate burden to revenue has exceeded 15 percent, which Purbaya said “will be continuously monitored”.
He said S&P would come to Indonesia in June to reassess the country’s economy and budget “thoroughly”.
