OJK Welcomes S&P's Decision to Maintain Indonesia's Sovereign Debt Rating

The Financial Services Authority (OJK) has responded to Standard & Poor’s (S&P) Global Ratings’ decision to maintain the Republic of Indonesia’s sovereign credit rating at BBB with a stable outlook. Chairperson of the OJK Board of Commissioners, Friderica Widyasari Dewi, stated that the decision is a positive signal regarding the maintenance of Indonesia’s economic fundamentals and financial system stability in the face of global dynamics. “S&P’s decision to maintain Indonesia’s credit rating with a stable outlook shows that Indonesia’s economic fundamentals are being maintained amidst global uncertainty. This assessment also serves as an encouragement for us to continue strengthening the performance of the financial services sector and to continue reforms to support national economic growth,” Friderica said in an official statement on Tuesday (14/7/2026). In line with this, the OJK continues to carry out various efforts to strengthen the financial services sector through enhanced integrated risk-based supervision, financial market deepening, improved market integrity and governance, as well as accelerating digital transformation in accordance with the mandate of the Financial Sector Development and Strengthening Law (UU P2SK). These various efforts expand the financial sector’s capacity to mobilise long-term financing for the business world and national development. This step simultaneously supports Indonesia’s strategic programme agenda, including increasing investment, economic transformation, and strengthening national competitiveness. Friderica added that the national financial services sector remains in a stable condition, supported by strong capital, adequate liquidity, a well-maintained risk profile, and growing intermediation, thereby supporting financial system stability and economic financing. As part of the Financial System Stability Committee (KSSK), the OJK will continue to strengthen synergy with the Government, Bank Indonesia, and the Indonesia Deposit Insurance Corporation (LPS) to maintain financial system stability and support Indonesia’s economic growth. Previously, the international rating agency S&P Global Ratings reaffirmed Indonesia’s debt rating at BBB with a stable outlook. The decision confirms Indonesia’s position remains in the investment grade category amidst persistently high global economic uncertainty. In its report released on 13 July 2026, S&P assessed that the weakening of several of Indonesia’s fiscal and external indicators is temporary and is likely to improve in line with stable policy direction and more effective implementation. S&P also estimates that state revenue will continue to recover throughout this year, while export earnings have the potential to increase in line with improving global commodity prices. Furthermore, government policies to increase state revenue and export earnings from the natural resources sector are considered capable of strengthening Indonesia’s fiscal position in the medium term, especially if policy changes are more measured and predictable for business actors. The United States-based rating agency also assessed that the government’s commitment to maintaining the fiscal deficit below 3% of gross domestic product (GDP) is one of the main factors supporting Indonesia’s stable prospects.