Fitch Ratings changed the outlook on Indonesia's Long-Term Foreign-Currency Issuer Default Rating to Negative from Stable on March 4, 2026, while affirming the BBB rating. The agency pointed to growing policy uncertainty and weakening consistency in Indonesia’s policy mix, driven by more centralized decision-making, which may hurt fiscal prospects, investor confidence, and external reserves. Indonesia’s rating is supported by stable macroeconomic fundamentals, healthy growth, low debt, and moderate external buffers, but constrained by weak revenue, high debt costs, and governance below ‘BBB’ peers. Fitch's downgrade of Indonesia's debt outlook followed a similar decision by Moody's on February 5, 2026. Moody's credit rating for Indonesia was last set at Baa2 with a negative outlook. Standard & Poor's credit rating for Indonesia stands at BBB with a stable outlook.