Purbaya Says S&P Will Maintain Stable Outlook for Indonesia's Debt

Finance Minister Purbaya Yudhi Sadewa stated that the international rating agency S&P Global Ratings has confirmed it will maintain Indonesia’s debt rating outlook at a stable level. The statement was made after the state treasurer met with S&P in Washington DC, United States, on Tuesday, 14 April 2026.

He explained that the basis for this decision is S&P’s view that fiscal conditions and economic activity are beginning to improve. “That might be the reason they confirmed to me yesterday that our rating outlook remains stable,” Purbaya said in his statement, quoted on Thursday, 16 April 2026.

S&P typically releases or updates Indonesia’s sovereign credit rating in July. According to Purbaya, the S&P team will visit Indonesia in June 2026 to conduct an assessment.

He explained that initially, there were concerns from the global agency due to the state budget deficit of 2.9 percent of gross domestic product (GDP), which nearly breached the threshold set by law. However, the latest Central Government Financial Report (LKPP) indicates the deficit is only around 2.8 percent. This has become one of the positive factors in S&P’s assessment.

Another supporting indicator is the economic growth figure for the fourth quarter of 2025, which was better than the previous three quarters. Current economic activity is considered to have improved.

Before Purbaya revealed the debt assessment, S&P released a report on 13 April 2026 assessing Indonesia’s debt rating as the most vulnerable compared to other countries in the Asian region. This situation occurred amid escalating conflict in the Middle East.

However, according to Purbaya, that report was issued a day before he met the S&P team. “So it seems they have already conducted a reassessment, and on Tuesday when I met with them, they confirmed that our outlook has not changed; it remains stable with a BBB rating,” Purbaya said.