S&P Says Indonesia's Debt is the Riskiest in ASEAN, Purbaya Responds Thus

Jakarta, CNBC Indonesia - Rating agency S&P Global Ratings assesses Indonesia’s debt rating as the most vulnerable in Southeast Asia. According to S&P, the risk is increasing along with the surge in energy prices and limited fiscal buffers.

In its latest report released on Tuesday (14/4/2026), the company highlighted the potential pressure on Indonesia’s debt rating among ASEAN countries. According to S&P, the risk increases if the conflict in the Middle East persists and energy supply disruptions continue. Meanwhile, Indonesia’s current debt rating from S&P is at BBB/Stable/A-2.

According to S&P, compared to several other major developing countries in Southeast Asia, Indonesia’s credit indicators are more sensitive to weakening fiscal or external positions.

In response to this, Finance Minister Purbaya Yudhi Sadewa stated that the assessment refers to a report provided the previous day before the meeting with S&P.

“At that time, it might refer to the report given on Monday. My meeting was on Tuesday, so it seems they had already reassessed, and on Tuesday when I met with them, they confirmed that our outlook remains unchanged, stable with a BBB rating,” Purbaya explained.

“That means, from there, we are not in a weak position fiscally,” he added.

Purbaya also conveyed that S&P will visit Indonesia to observe and assess the country’s economic conditions, which have changed from before.

“So, their view of Indonesia is very positive,” said Purbaya.