Danantara Responds to Moody's Baa2 Rating
Moody’s Ratings has assigned a Baa2 (medium) rating to PT Danantara Investment Management (DIM), albeit with a negative outlook that follows the credit rating of the Indonesian Government. This reflects a strong credit linkage with the state.
Responding to the rating, the Daya Anagata Nusantara Investment Management Agency (BPI Danantara) stated that this represents an important milestone in its institutional development. It is also seen as an affirmation of the institution’s strong foundation as it continues its efforts to engage with global financial markets.
“The rating and outlook for DIM reflect and align with the sovereign rating and outlook of Indonesia, which is common for entities with sovereign linkages,” wrote the Danantara Communications Team in a written statement on Friday, 5 June 2026.
Danantara considers this recognition to further strengthen confidence in its strategy, governance, and long-term position, alongside efforts to expand access to international funding and support Indonesia’s economic priorities.
Rachel Chua, Vice President and Senior Analyst at Moody’s Ratings, stated that the rating reflects the strong credit linkage between DIM and the government. “Including its ownership structure within the Danantara institutional framework and our expectation of extraordinary support from the government being provided in a timely manner,” she said via Moody’s official website on Wednesday, 3 June 2026.
Moody’s has classified DIM as a Government Related Issuer (GRI) and applied a top-down approach. No stand-alone credit assessment (SACP) was established, reflecting DIM’s newly formed stage of development, limited track record, and lack of significant independent operations.
The rating agency assessed DIM’s liquidity as very good. DIM has also established external funding channels, including IDR 68.4 trillion raised through the issuance of Patriot Bonds and a US$10 billion revolving credit facility, of which US$1 billion has been committed.
“DIM has no obligation to pay dividends and has no debt maturities over the next two to three years,” Moody’s official website reported.
The primary driver of this rating is governance, as it reflects the government’s full ownership of DIM through BPI Danantara, as well as the high level of government oversight regarding its strategy, funding, and investment decisions.
Moody’s noted that an upgrade in DIM’s rating is unlikely given the negative outlook on the Indonesian Government’s rating. In the long term, the rating is likely to move in line with the sovereign rating. An upgrade in the sovereign rating could lead to an upgrade in DIM’s rating, provided the relationship with the government remains unchanged.
“The rating could also come under pressure if there is a weakening of its relationship with the government, including changes in mandate, ownership, or role within the Danantara structure that reduce our expectation of extraordinary timely government support,” Moody’s wrote on its official website.