Fitch Rates Danantara Investment Management's USD Notes 'BBB‌'

(Fitch Ratings - Jakarta/Sydney - 21 Jul 2026)--Fitch Ratings has assigned PT Danantara Investment Management's (DIM, BBB/Negative) proposed US-dollar notes a long-term senior unsecured rating of 'BBB‌'.

The proposed notes are to be issued from DIM's USD5.0 billion global medium-term note (MTN) programme. DIM will use the net proceeds for general corporate purposes, investments and refinancing outstanding debt.

Key Rating Drivers

The proposed notes are rated in line with DIM's Long-Term Issuer Default Rating (IDR), as they are to be issued directly by DIM under the MTN programme. The proposed notes constitute DIM's direct, unconditional and unsecured obligations and rank pari passu with all its other outstanding senior unsecured and unsubordinated obligations.

DIM's IDR is driven by our assessment of a 'Virtually Certain' likelihood of support from the Indonesian sovereign (BBB/Negative) under our Government-Related Entities Rating Criteria. We believe 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. This leads to the equalisation of DIM's ratings with 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 11 March 2026.

Issuer Profile

DIM is the newly established investment arm of Indonesia'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 following negative rating action on the Indonesian sovereign or a deterioration in the overall support score to less than 45 points on a 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. (ends)