S&P Global Ratings Maintains Indonesia at BBB Rating: Govt

S&P Global Ratings Maintained Indonesia at BBB Rating: Govt

• 17 Apr 2026 08:41 WIB

• Voice of Indonesia

Key Points

• Finance Minister Purbaya Yudhi Sadewa confirmed that S&P Global Ratings has maintained Indonesia’s sovereign credit rating at Triple B (BBB).

• He emphasized that Indonesia has consistently kept its budget deficit below 3 percent of GDP, with the latest figure at 2.9 percent.

RRI.CO.ID, Jakarta - Finance Minister Purbaya Yudhi Sadewa announced that Standard & Poor’s (S&P) Global Ratings has reaffirmed Indonesia’s sovereign credit rating at Triple B (BBB), an investment‑grade category indicating relatively low default risk. The announcement followed his meeting with the international rating agency in Washington, D.C.

Minister Purbaya said S&P conducted a detailed review of Indonesia’s fiscal conditions, including this year’s and last year’s budget deficits. “They wanted to see if we are consistently maintaining the deficit below 3 percent of GDP,” he said on Thursday, April 16, 2026.

He emphasized that Indonesia has kept its deficit under control, with the latest State Budget deficit recorded at 2.9 percent.

At the same time, Purbaya acknowledged concerns about the debt service‑to‑revenue ratio. However, he assured S&P that the situation remains manageable. “Tax and excise collection has improved. We have restructured the Tax and Excise organization to enhance performance,” he explained.

According to him, tax revenue grew by 30 percent in the first two months of this year, outpacing growth in the same period last year. “S&P seems quite satisfied. They also assess that Indonesia’s macroeconomic and microeconomic activities have improved,” he said.

The minister reaffirmed the government’s commitment to fiscal discipline. “We will continue to monitor the economy, maintain fiscal health, and ensure payments remain on track,” Minister Purbaya stressed. (Gusti Panji/Lasti Martina)

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