High-Risk Issue Denied, Purbaya: S&P Affirms Indonesia's Rating Remains Stable

JAKARTA - Finance Minister Purbaya Yudhi Sadewa has responded to reports claiming Indonesia has high risks in the Asian region. He emphasised that the latest assessment from S&P Global Ratings indicates a more positive situation. Purbaya explained that the circulating information likely refers to an initial report before the direct meeting in Washington DC on Tuesday (14/4/2026). “At that time, it might have referred to the report provided on Monday. My meeting was on Tuesday, so it seems they have conducted a reassessment,” Purbaya stated in his remarks on Thursday (16/4/2026). “This means we are not in a weak position from a fiscal perspective,” he added. He assessed that the circulating information does not yet reflect the latest assessment results. “There is a possibility that it is based on the value before we discussed with S&P on Tuesday,” he said. S&P also showed interest in conducting further assessments. The agency plans to visit Indonesia directly. “Their message is that they want to come to Indonesia again to assess the changed economic and government conditions,” he said. According to Purbaya, this step reflects a positive view of the national economic situation. “So, their view of Indonesia is very positive,” he stated. The report released on Tuesday (14/4/2026) highlights potential pressures on sovereign ratings in the region. Risks will increase if the conflict in the Middle East persists. Indonesia is assessed to be the most affected compared to other countries in the region. Rising global energy prices could drive up subsidy burdens. This condition pressures the government’s fiscal space. “In Southeast Asia, we assess that Indonesia’s debt rating will be more vulnerable if the conflict drags on,” S&P wrote.