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Jakarta Post

S&P, Fitch hold Indonesia’s credit rating with mixed outlook

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Worse than expected: An office worker uses his smartphone at Muamalat Tower in Jakarta on Wednesday. Indonesia will likely see further economic contraction in the third quarter as the country has recorded a decline in three consecutive months for the first time since the 1997 Asian financial crisis, signaling weak purchasing power.(JP/Seto Wardhana)
Dzulfiqar Fathur Rahman
PREMIUM
Jakarta   ●   Tue, April 27, 2021

Credit rating agencies Standard and Poor’s (S&P) and Fitch have kept Indonesia’s long-term rating at BBB but are split over the country’s economic outlook due to pandemic-related uncertainty.

S&P reaffirmed Indonesia’s rating with a negative outlook on April 22 because of the continued downside pressure on the country’s external, fiscal and debt setting, despite signs of economic stabilization and improved trade flows.

Meanwhile, Fitch reaffirmed Indonesia’s rating with a stable outlook on March 22 as a balance between the country’s favorable medium-term growth outlook and relatively low debt against its high reliance on external financing and low state revenue.

“The affirmation is recognition of international stakeholders over the macroeconomic stability and the economic prospects both in the short ...

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