S&P Affirmed Indonesia’s Sovereign Credit Rating at BBB with Stable Outlook

​​No.28/136/DKom

S&P Global Ratings (S&P) affirmed the Republic of Indonesia's Sovereign Credit Rating at BBB with a stable outlook on 13 July 2026, reflecting Indonesia's continued investment-grade status. The affirmation reflects S&P's expectation that the weakening in Indonesia's fiscal and external indicators is temporary and will improve as government policy direction and implementation become more stable. The stable outlook reflects expectations that government revenue will continue to recover this year, while export receipts are projected to strengthen in line with improving commodity prices. Government policies to strengthen state revenue and export performance from the natural resource sector are also expected to support revenue growth over the medium term, particularly if policy changes become more predictable and are implemented effectively. The stable outlook further reflects the expectation that the Government remains committed to maintaining the fiscal deficit below 3% to preserve fiscal sustainability.

Looking ahead, S&P could upgrade Indonesia's sovereign credit rating if there is a structural strengthening of fiscal and external indicators, including a sustained reduction in the fiscal deficit supported by a significant increase in government revenue, lower financing costs, and a stable exchange rate. At the same time, external indicators would also need to improve, as reflected in lower external debt and reduced gross external financing needs.

Bank Indonesia Governor Perry Warjiyo welcomed S&P's decision, stating, "S&P's affirmation of Indonesia's sovereign credit rating at BBB with a stable outlook reflects the continued confidence of the international stakeholders in Indonesia's macroeconomic stability and solid economic growth prospects. This is underpinned by the strong policy synergy between the Government and Bank Indonesia in maintaining stability while support domestic economic growth amid persistent global uncertainty."

Bank Indonesia remains committed to strengthening its monetary, macroprudential, and payment system policy mix to strengthen stability while supporting sustainable economic growth. Going forward, Bank Indonesia will continue to reinforce policy coordination with the Government, including close synergy between monetary and fiscal policies, to mitigate the impact of global uncertainty stemming from the conflict in the Middle East on the domestic economy, thereby preserving macroeconomic stability and economic growth. Policy synergy with the Financial System Stability Committee (KSSK) will also be further strengthened to maintain financial system stability and support financing for the Government's Asta Cita priority programmes.

S&P previously affirmed Indonesia's Sovereign Credit Rating at BBB with a stable outlook on 29 July 2025.

Jakarta, 13 July 2026
Communication Departement.

Ramdan Denny Prakoso
Executive Director​