Not Just S&P! Purbaya Hints Other Rating Agencies Will Give Indonesia a 'Gift'

Finance Minister Purbaya Yudhi Sadewa is confident that other global rating agencies will issue credit ratings similar to Standard & Poor’s. So far, only three major global agencies have announced updates to Indonesia’s credit rating: S&P, Moody’s, and Fitch. Moody’s and Fitch both maintained Indonesia’s credit rating but lowered their outlooks to negative. Meanwhile, S&P maintained both the credit rating and the outlook at stable. “Going forward, there will be better news regarding the ratings. So there is no need to worry. From the other rating agencies, it will be very good,” he told the media at the Indonesian Parliament in Jakarta on Tuesday. Other agencies that have yet to announce their assessments for Indonesia include JCR and R&I. Regarding Moody’s and Fitch specifically, Purbaya considered their ratings unfair because they did not wait for the realisation of Indonesia’s economic growth in the first quarter of 2026. He deemed S&P fairer for announcing its assessment in July 2026. “I have said many times, the other agencies that came earlier may have been offside because they conducted their assessment before the first-quarter data was released. Remember that? I said it was too early, not that they were wrong, just too early. So this one, I think, is fairer. Practically speaking, that is how it should be,” he explained. Regardless, Purbaya explained that the global rating agencies yet to announce their assessments will see that Indonesia’s fiscal policy is being implemented correctly and consistently, especially amid unstable global economic conditions. “Going forward, we will be even better because we will implement policies more consistently. If there are inefficiencies, we will continue to fix them, so our economy will be strong,” said Purbaya. As is known, S&P Global Ratings decided to maintain Indonesia’s credit rating at BBB for the long term and A-2 for the short term, with a stable outlook. In a report released on 13 July 2026, S&P assessed that the weakening of several Indonesian economic indicators, both fiscal and external, is still temporary and has the potential to improve in the coming years. S&P acknowledged that Indonesia’s fiscal and external position has been under pressure recently, triggered by high energy prices, rising global interest rates, a weakening rupiah exchange rate, increased policy uncertainty, and debt accumulation. Nevertheless, S&P assessed that these pressures are not permanent.