Fitch Rates Danantara Investment Management's Global MTN Programme 'BBB'

(Fitch Ratings - Jakarta/Sydney - 03 Jun 2026)--Fitch has assigned long-term senior unsecured ratings of 'BBB' to PT Danantara Investment Management's (DIM) proposed global medium-term note (MTN) programme and the inaugural notes issuance under the programme.

Key Rating Drivers

The ratings are equalised with DIM's Long-Term Foreign-Currency Issuer Default Rating (IDR), as the proposed programme and notes issuance constitute DIM's direct, unsecured and unsubordinated obligations, ranking pari passu with its other unsecured and unsubordinated obligations. The equalisation reflects DIM's joint and several liability on the programme and notes to be issued under this programme, as stipulated in the draft offering circular, making it a direct obligor under both direct and co-issuance structures allowed under the programme.

DIM expects to issue the inaugural notes directly. Fitch does not expect any material change in the final bond documentation. Fitch expects proceeds from the proposed notes to fund DIM's investments, consistent with DIM's policy mandate.

DIM's IDR is driven by Fitch's assessment of a 'Virtually Certain' likelihood of support from the Indonesian sovereign (BBB/Negative) under Fitch's Government-Related Entities Rating Criteria. Fitch believes the government has a strong incentive to provide extraordinary support, if needed, based on the overall support score of 55 out of a maximum of 60 under the criteria, leading to the equalisation of DIM's ratings to those of the sovereign.

For more details on DIM's key rating drivers and rating sensitivities, see Fitch Revises Outlook on Five Indonesian Public Finance GREs to Negative; Affirms 'BBB' IDRs, published on 11 March 2026.

Issuer Profile

DIM is the newly established investment arm of the country's sovereign wealth fund, Badan Pengelola Investasi Daya Anagata Nusantara. Its mandate is to generate sustainable returns and economic impact by investing dividends from state-owned entities.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade

- A downgrade of DIM's IDR will result in a similar change in the rating of the proposed notes.

- DIM's IDR may be downgraded from a negative rating action on the Indonesian sovereign or a deterioration in the overall support score to less than 45 points from weaker assessment of the government's responsibility or incentive to provide support.

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

- An upgrade of DIM's IDR will result in a similar change in the rating of the proposed notes.

- An upgrade of the sovereign rating would lead to similar action on DIM's IDR, provided our overall support factor assessment remains unchanged.

Date of Relevant Committee

22-May-2026

Sources of Information

The principal sources of information used in the analysis are described in the applicable criteria.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

Public Ratings with Credit Linkage to other ratings

DIM is credit-linked to the Indonesian sovereign

ESG Considerations

Fitch does not provide ESG relevance scores for DIM.

In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products. (ends)