Fitch Ratings Downgrades PT Pos Indonesia's Debt Rating

Global rating agency Fitch Ratings has downgraded the debt rating of PT Pos Indonesia (Persero) to C(idn) from A(idn). The decision was taken after the company failed to pay a return instalment on its sukuk ijarah. Fitch also did not assign an outlook or rating projection for Pos Indonesia due to the high volatility of ratings in the ‘C’ category.

“This downgrade follows confirmation that the company did not pay the ijarah return instalment due on 8 July 2026 for the first phase of the sukuk, causing POST to enter a 14-day grace period,” Fitch wrote in a statement, quoted on Friday, 17 July 2026.

The agency stated that a national rating of ‘C’ indicates a default or a default-like process has occurred, or for a closed-funding vehicle, the payment capacity has been permanently weakened. Fitch noted that failure to settle the missed ijarah return instalment within the grace period would result in a further downgrade to ‘RD’. Therefore, Fitch will monitor the development of the approval request process and the deferral of the ijarah return instalment payment.

PT Pos Indonesia stated that on 7 July 2026, there was a schedule for the sixth payment of ijarah returns for the Sustainable Ijarah Sukuk I Pos Indonesia Phase I Year 2024 Series A-C. The total obligation that PT Pos Indonesia was required to pay amounted to IDR 24.1 billion. However, by the specified deadline, Pos Indonesia was unable to fulfil the payment obligation for the sukuk returns. “The reason PT Pos Indonesia (Persero) could not fulfil the sukuk return payment obligation is because the company’s current cash condition does not allow for the payment to be made,” said Prasabri Presti, Acting President Director of PT Pos Indonesia, in an information disclosure to the Indonesia Stock Exchange, quoted on Friday, 17 July 2026.