Jakarta. Japan Credit Rating Agency (JCR) has reaffirmed Indonesia’s sovereign credit rating at BBB+, investment grade with a stable outlook.

Bank Indonesia Governor Perry Warjiyo said the affirmation reflects strong trust from global stakeholders in Indonesia’s ability to protect macroeconomic and financial stability.

“Looking ahead, Bank Indonesia will continue to strengthen policy synergy with the government’s fiscal and real sector measures to support growth while maintaining stability,” Perry said in a statement on Wednesday.

JCR highlighted Indonesia’s solid fundamentals remain intact, supported by robust domestic consumption, prudent fiscal management, and a manageable public debt ratio, although revenue collection still requires broadening. The agency said foreign reserves stood at $150.7 billion at the end of August, equivalent to 6.3 months of imports, while positive investment inflows continue to support resilience.

Indonesia's economic growth is expected to stay near 5 percent in the medium term, although it may dip slightly below that level in 2025 as weaker external demand weighs on exports following reciprocal tariffs imposed by the United States. Growth will remain underpinned by private consumption, post-election government spending, infrastructure investment, and export momentum ahead of tariff measures.

On fiscal performance, JCR assessed Indonesia’s credibility as intact, with the budget deficit projected at 2.3–2.5 percent of gross domestic product and government debt maintained below 40 percent.

Externally, the current account deficit is expected to widen gradually in 2025 due to subdued global demand, but JCR said Indonesia’s external resilience remains supported by strong foreign investment trends and ample reserves.

The reaffirmation follows JCR’s previous decision on March 25, 2024, when the rating was also maintained at BBB+ with a stable outlook, two notches above the lowest investment grade.