Purbaya Claims S&P to Maintain Indonesia's BBB Rating for the Next Two Years

JAKARTA, KOMPAS.com - S&P Global Ratings has confirmed that Indonesia’s debt rating will remain at Triple B (BBB) level with a stable outlook for the next two years.

This assurance was obtained after a direct meeting between Finance Minister Purbaya Yudhi Sadewa and S&P representatives as part of an agenda in the United States.

According to Purbaya, the decision serves as a strong signal that Indonesia’s economic fundamentals are still well-maintained amid global pressures.

“That means for the next two years, your rating won’t change. But in June, I’ll come here to Indonesia, meet you again, okay. So, not for anything new. Just for discussion,” said Purbaya to journalists at the Ministry of Finance in Jakarta on Tuesday (21/4/2026).

According to the state treasurer, the statement was even conveyed directly at the beginning of the meeting before proceeding to further discussions. Purbaya admitted to being somewhat surprised by the delivery.

“I looked a bit shocked. He said, you look shocked. Were you expecting a downgrade?” Purbaya quoted S&P as saying.

Nevertheless, Purbaya emphasised that the decision reflects confidence in the direction of the government’s fiscal policies, including consistency in maintaining the deficit and improving the quality of state revenues.

Purbaya explained that the meeting conveyed that Indonesia’s rating would not change in the next two years. However, S&P will continue to monitor the implementation of government policies periodically.

In the meeting, Purbaya said, discussions also covered various aspects of fiscal policy, from budget management to strategies for maintaining economic stability.

The government noted that tax receipts in the first two months of this year grew by around 30% year-on-year. Meanwhile, for the January-March period, growth was around 20% compared to last year.

He acknowledged that this performance serves as a positive signal for investors and rating agencies regarding Indonesia’s fiscal capacity.

“Maybe the way we presented it was more convincing. Because people can see. If people want to doubt, it shows. Then we convince them, and they see what it’s like afterwards,” said Purbaya.