Fitch Downgrades Pos Indonesia Rating, Default Risk Comes Under Scrutiny
PT Fitch Ratings Indonesia has downgraded the rating of PT Pos Indonesia (Persero) to ‘C(idn)’. This reduction in the national rating indicates that a default condition or a process resembling a default has occurred within the company.
In its latest rating action, Fitch lowered Pos Indonesia’s Long-Term National Rating from ‘CC(idn)’ to ‘C(idn)’. Meanwhile, the company’s Short-Term National Rating was affirmed at the ‘C(idn)’ level.
The downgrade to ‘C(idn)’ from the previous ‘CC(idn)’ also applies to the Pos Indonesia Sukuk Ijarah Berkelanjutan I programme. This Sharia-compliant debt programme, with a maximum value of IDR 1.5 trillion, has also undergone credit risk adjustments.
Specifically, the Long-Term National Rating downgrade to ‘C(idn)’ was applied to Stages I and II of the Pos Indonesia Sukuk Ijarah Berkelanjutan I. The same rating was also assigned to the Pos Indonesia 2022 Bond instrument.
“A national rating of ‘C’ indicates that a default or a process resembling a default has occurred, or for closed funding vehicles, the payment capacity has become permanently weakened,” as quoted from the Indonesia Stock Exchange (BEI) information disclosure on Wednesday, 16 September 2026.
On the other hand, Fitch emphasised that there is no guarantee that debt securities under the continuous programme issued in subsequent stages will continue to be rated. The rating for specific debt instruments within the programme may not always be identical to the rating of the main programme.
Previously, holders of the Pos Indonesia Sukuk Ijarah Berkelanjutan I Stage II Year 2025 stated that they did not approve the restructuring plan for PT Pos Indonesia (Persero). The principal value of the sukuk was recorded at Rp500 billion.
The restructuring was one of the agendas in the Meeting of Sukuk Ijarah Holders (RUPSI) held on Friday, 4 September 2026.
“According to the voting results, based on the calculations and reports from the Notary, the Sukuk Holders in the RUPSI are valid and binding and have decided not to approve Agenda Items 2 & 3 of the RUPSI,” as quoted from the BEI information disclosure on Tuesday, 8 September 2026.
As a reminder, PT Pos Indonesia (Persero) is one of the State-Owned Enterprises (SOEs) currently being overhauled by the Daya Anagata Nusantara Investment Management Agency (BPI Danantara).
Chief Operating Officer of BPI Danantara, Dony Oskaria, stated that currently only 30% of the issues requiring rectification have been addressed, including three sectors that are the primary focus. These three sectors include infrastructure SOEs, the logistics sector, and pension funds.
Dony further noted that the logistics sector also requires improvement. He mentioned that Danantara is currently conducting a transformation within PT Pos Indonesia. “My hope is that this can be completed by the end of this year,” he said.