Airlangga: Not All Rating Agencies Are Familiar with Danantara

Danantara is noted in Fitch Ratings’ considerations. Fitch Ratings downgraded Indonesia’s debt outlook from stable to negative on 4 March 2026, citing concerns over policy uncertainty and a budget deficit above target. In its assessment, Fitch highlighted the mandate of the investment authority. Danantara plans to invest US$26 billion (1.7 per cent of GDP) this year in downstream projects targeting the minerals, energy, food, and agriculture sectors. “There remains uncertainty over whether the fund’s mandate will expand over time to cover quasi-fiscal activities through increased investments to support government priorities. This could reduce fiscal transparency, policy consistency, and raise contingent liability risks for the state,” the Fitch ratings release said. Fitch is the second rating agency to trim Indonesia’s debt outlook this year, after Moody’s downgraded Indonesia’s outlook to negative in February 2026. Danantara is also under Moody’s scrutiny.