Minister Purbaya Says Rating Agencies That Acted Before S&P Were 'Offside'

Finance Minister Purbaya Yudhi Sadewa has described credit rating agencies that announced their assessments before S&P as ‘offside’, arguing they acted prematurely without considering Indonesia’s first-quarter 2026 economic data. S&P released its rating on 13 July 2026. “I have said many times that the other agencies beforehand may have been offside, because they conducted their assessment before the first-quarter data was released,” Purbaya stated at the Parliament Complex in Jakarta on Wednesday (15/7/2025). The agencies that released their ratings before S&P were Moody’s and Fitch. Both maintained Indonesia’s sovereign debt rating but downgraded the outlook to negative. In contrast, S&P Global Ratings affirmed Indonesia’s long-term rating at BBB and short-term rating at A-2, while maintaining a stable outlook. “Remember, I said it was too early, not that they were wrong, just too early. So, I think this is fairer. That is how it should be practically,” he explained. Purbaya expressed confidence that other global rating agencies yet to announce their assessments, such as JCR and R&I, would issue similar positive evaluations of Indonesia’s fiscal and economic condition. “There will be better news ahead regarding the ratings. So, there is no need to worry. From the other rating agencies, it will be very good,” he said. He explained that the remaining agencies would see that Indonesia’s fiscal policies are being implemented correctly and consistently, especially amidst global economic instability. “Going forward, we will be even better because we will implement policies more consistently. Any inefficiencies will be continuously improved, so our economy will be strong,” Purbaya concluded.