Purbaya: S&P Assures Indonesia's Debt Rating Safe Until 2028

Jakarta, CNBC Indonesia - During the IMF-World Bank Spring Meeting last week in Washington DC, United States, Finance Minister Purbaya Yudhi Sadewa held a meeting with the management of the global credit rating agency, Standard & Poor’s (S&P).

In that meeting, Purbaya said that S&P wanted to visit him in June 2026 in Jakarta to discuss fiscal management and Indonesia’s economic stability.

“So I also told S&P at that time, they’re coming here in June, it’s not to change our outlook again, just for discussion, to check if your steps are right or not,” said Purbaya at the Juandal I Building of the Ministry of Finance, Jakarta, on Tuesday (21/4/2026).

Additionally, during the meeting, S&P also provided assurance that Indonesia’s debt or credit rating will remain stable for the next two years, specifically until 2028.

“They said our rating is safe for the next two years, I didn’t quite understand that but they said so. They asked me, do you understand what I just said? No, I don’t understand, please explain. It means that for the next two years, we won’t change the rating,” stated Purbaya.

As is known, the global rating agency S&P Global has released a report on the impact of surging energy prices on the fiscal and external conditions of Southeast Asian countries.

In the report, S&P spotlighted four major countries in the region, namely Indonesia, Malaysia, Thailand, and Vietnam, which are assessed to face similar pressures if global energy volatility due to the Middle East conflict lasts longer.

S&P explained that the fiscal and external resilience of these countries could erode if the world energy market does not normalise soon in the coming months. In their base case scenario, the intensity of the war is expected to peak and the effective closure of the Strait of Hormuz to begin easing in April.

However, disruptions are assessed to potentially persist for months, especially if damage to energy infrastructure in the Middle East prevents quick recovery of oil and gas production.

Indonesia is one of the main focuses. S&P affirmed that Indonesia’s current debt rating is at the BBB/Stable/A-2 level.

However, the agency also assessed that Indonesia’s rating is one of the most vulnerable to pressure if the conflict prolongs and energy market disruptions continue.