Danantara Secures Triple B Rating from Fitch Ratings for Global MTN Issuance

Fitch Ratings has assigned a long-term senior unsecured rating of BBB (Triple B) to the proposed Global Medium-Term Notes (MTN) programme by PT Danantara Investment Management (DIM), including its inaugural bond issuance under the programme.

According to a report published on 3 June 2026, Fitch stated that the rating for the MTN programme and the inaugural bonds is aligned with DIM’s Long-Term Foreign-Currency Issuer Default Rating (IDR), which also stands at the BBB level. Fitch’s research team noted that this assignment is based on the debt instruments being direct, unsecured, and non-subordinated obligations of DIM, meaning they hold pari passu status with other unsecured obligations.

Fitch explained that the rating alignment reflects DIM’s joint and several liability for the MTN programme and the securities to be issued. This structure ensures DIM holds direct obligations in both direct issuance and permitted co-issuance structures. DIM plans to issue its inaugural bonds directly, and Fitch does not anticipate any material changes to the final bond documentation. The proceeds from the issuance will be used to fund DIM’s investments, in accordance with the company’s mandate and investment policies.

DIM’s IDR rating is driven by Fitch’s assessment of the ‘virtually certain’ possibility of support from the Indonesian government if required, based on the Government-Related Entities Rating Criteria. Fitch further assessed that the government has a strong incentive to provide support to DIM, reflected in an overall support score of 55 out of a maximum of 60 points. DIM’s rating is currently aligned with Indonesia’s sovereign rating, which stands at BBB with a negative outlook.

As a known entity, DIM serves as the investment arm established by the Daya Anagata Nusantara Investment Management Agency (Danantara Indonesia). The company is mandated to generate sustainable returns and deliver economic impact through the management and investment of funds derived from State-Owned Enterprise (SOE) dividends.

Regarding rating sensitivity, Fitch noted that any downgrade in DIM’s IDR rating would automatically lead to a downgrade of the MTN programme and the issued securities. DIM’s rating could also be pressured by a negative rating action against the Indonesian sovereign or if the government support score falls below 45 points due to weakened assessments of government responsibility or support. Conversely, an upgrade in Indonesia’s sovereign rating could potentially drive an upgrade for DIM, provided the assessment of government support factors remains unchanged.