Danantara Receives Negative Outlook from Moody's
Global rating agency Moody’s Ratings has assigned a Baa2 credit rating to PT Danantara Investment Management (Persero). Simultaneously, a negative outlook has been assigned to all ratings.
Vice President and Senior Analyst at Moody’s Ratings, Rachel Chua, stated that the rating given to Danantara Investment Management is in line with Indonesia’s sovereign debt rating, which is Baa2 negative.
“The Baa2 rating with a negative outlook for Danantara Investment Management is in line with Indonesia’s sovereign rating, supported by strong credit linkages, including the ownership structure within the Danantara framework, as well as our expectation of timely and extraordinary government support,” said Chua in a report quoted on Wednesday (3/6/2026).
Moody’s classifies Danantara Investment Management as a Government-Related Issuer (GRI) and uses a top-down approach in the rating process. Therefore, this rating is primarily driven by the linkage with the government rather than independent credit strength.
Moody’s does not provide a Baseline Credit Assessment (BCA) because the company is still in the early stages of development, has a limited track record, and does not yet have significant independent operations.
As is known, Danantara Investment Management was established based on Law Number 16 of 2025 as part of the Danantara institutional structure, focusing as an investment management entity that implements capital allocation strategies and investment execution.
Moody’s assesses that the existing legal framework further strengthens this relationship because Danantara Investment Management is fully owned by BPI Danantara and any change in ownership must be carried out through a change in law.
In addition to ownership factors, Moody’s also highlights the high level of government oversight of the company’s operations and investment decision-making. The integration of governance is reflected in the linkage between the management and board at Danantara and Danantara Investment Management.
“The linkage of senior management and board representation between BPI Danantara and DIM supports the alignment of strategy and investment execution,” Moody’s wrote.