Indonesia Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Baa2 Negative | BBB Negative | BBB Stable | NR | NR |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Feb 05, 2026 | Moody's | Baa2 | Stable | Baa2 | Negative | |
| Apr 17, 2020 | S&P | BBB | Stable | BBB | Negative | |
| May 31, 2019 | S&P | BBB- | Stable | BBB | Stable | |
| Apr 13, 2018 | Moody's | Baa3 | Positive | Baa2 | Stable | |
| Dec 21, 2017 | Fitch | BBB- | Positive | BBB | Stable | |
| May 19, 2017 | S&P | BB+ | Positive | BBB- | Stable | |
| Feb 08, 2017 | Moody's | Baa3 | Stable | Baa3 | Positive | |
| Dec 21, 2016 | Fitch | BBB- | Stable | BBB- | Positive | |
| May 21, 2015 | S&P | BB+ | Stable | BB+ | Positive | |
| May 02, 2013 | S&P | BB+ | Positive | BB+ | Stable | |
| Jan 18, 2012 | Moody's | Ba1 | Stable | Baa3 | Stable | |
| Dec 15, 2011 | Fitch | BB+ | Negative | BBB- | Stable | |
| Apr 08, 2011 | S&P | BB | Positive | BB+ | Positive | |
| Feb 24, 2011 | Fitch | BB+ | Stable | BB+ | Negative | |
| Jan 17, 2011 | Moody's | Ba2 | Positive Watch | Ba1 | Stable | |
| Dec 01, 2010 | Moody's | Ba2 | Positive | Ba2 | Positive Watch | |
| Jun 21, 2010 | Moody's | Ba2 | Stable | Ba2 | Positive | |
| Mar 12, 2010 | S&P | BB- | Positive | BB | Positive | |
| Jan 24, 2010 | Fitch | BB | Stable | BB+ | Stable | |
| Oct 23, 2009 | S&P | BB- | Stable | BB- | Positive |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CCC | CC |
C | CCC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Indonesia’s current credit rating?
Indonesia’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Indonesia’s credit risk.
Has Indonesia’s credit rating changed recently?
This page lists the latest rating and outlook actions for Indonesia, showing when each agency last reviewed or changed its assessment.
Why does Indonesia’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Indonesia's bond yields, currency, and equity flows as investors reassess risk.
How does Indonesia’s rating compare to other countries?
You can explore how Indonesia ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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