Credit Rating
Fitch follows Moody's with negative outlook on Indonesia's debt
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Rating agency Fitch Ratings has revised Indonesia's sovereign debt outlook from stable to negative—following Moody's similar move last month—while maintaining the BBB investment-grade rating. Officials including Coordinating Minister Airlangga Hartarto and Bank Indonesia emphasized ongoing economic strength amid fiscal pressures from programs like Free Nutritious Meals (MBG) and global tensions.
The Composite Stock Price Index (IHSG) opened slightly higher on Monday (February 9, 2026) amid pressure from Moody’s downgrade of Indonesia’s credit outlook to negative. Despite solid domestic economic fundamentals, market players are watching for further consolidation risks. Global sentiment is also influencing stock market movements.
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Rating agency Moody's maintained Indonesia's sovereign credit rating at Baa2 but adjusted the outlook from stable to negative on February 5, 2026. This came alongside the release of 2025 economic growth data at 5.11 percent, higher than the previous year. Authorities including OJK and Bank Indonesia affirmed that it does not signal weakening economic fundamentals.
Rating agency S&P Global Ratings downgraded France's sovereign rating from AA- to A+ on Friday, October 17, citing high uncertainty over public finances despite the 2026 budget proposal. The move, expected but earlier than scheduled, primarily punishes ongoing political instability. The government reaffirms its commitment to deficit reduction.