Moody's Ratings assigns Baa2 rating to DIM's proposed US dollar notes

(Singapore, July 21, 2026)--Moody's Ratings (Moody's) has assigned a Baa2 rating to the proposed US dollar senior unsecured notes to be issued by Danantara Investment Management (P.T.) (DIM).

The notes are issued pursuant to DIM's $5 billion global medium-term note (MTN) programme rated (P)Baa2.

The outlook on the rating is negative.

RATINGS RATIONALE

DIM's Baa2 issuer rating is aligned with the Baa2 sovereign rating of the Government of Indonesia, reflecting strong credit linkages between DIM and the government. These linkages include DIM's ownership structure, its role within Badan Pengelola Investasi Daya Anagata Nusantara (BPI Danantara), and our expectation of timely extraordinary government support.

We classified DIM as a Government Related Issuer (GRI) and applied a top down approach. No Baseline Credit Assessment (BCA) is assigned, reflecting DIM's nascent stage of development, limited track record, and absence of meaningful standalone operations; the rating is therefore primarily driven by sovereign linkage rather than standalone credit strength.

The rating alignment is underpinned by DIM's statutory anchoring and durable ownership links. DIM is established under Indonesia's Law No. 16 of 2025 as part of the Danantara institutional structure that also establishes BPI Danantara as the overarching entity responsible for managing and optimizing state owned enterprise (SOE) assets and investments. DIM is wholly owned by BPI Danantara, and the legal framework requires any divestment to be effected through legislative amendment, reinforcing the endurance of the ownership relationship.

We also consider the high degree of government oversight and governance integration, which supports a very high likelihood of timely extraordinary support. Governance integration is further reinforced by overlap in senior management and board representation between BPI Danantara and DIM, supporting alignment of strategy and investment execution.

OUTLOOK

The negative outlook on DIM's rating is aligned with the negative outlook on the Government of Indonesia's sovereign rating, reflecting the strong credit linkages between the two.

LIQUIDITY

DIM's liquidity is excellent. Liquidity at the holding level is supported by equity injections received from BPI Danantara. The company has also established external funding channels, including its debut bond issuance of $1.5 billion, IDR 68.4 trillion raised through the issuance of Patriot Bonds and $10 billion of revolving credit facilities, of which $1 billion is committed. The revolving credit facility has been partially drawn down to fund deployments into private funds and a real estate linked investment. The company expects further drawdowns as it continues to deploy capital.

DIM has no obligation to pay dividends and has no debt maturities over the next two to three years.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

An upgrade of DIM's rating is unlikely given the negative outlook on the Government of Indonesia's sovereign rating. Over the longer term, the rating is likely to move in line with the sovereign rating. Accordingly, an upgrade of the sovereign rating could lead to an upgrade of DIM's rating, provided that its linkages with the government remain unchanged.

DIM's rating could be downgraded if the Government of Indonesia's sovereign rating is downgraded. The rating could also come under pressure if there is a weakening of its linkages with the government, including changes to its mandate, ownership or role within the Danantara structure that reduce our expectation of timely extraordinary government support.

METHODOLOGY

The principal methodology used in this rating was Government-related Issuers published in May 2025 and available at https://ratings.moodys.com/rmc-documents/443641. Alternatively, please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.

COMPANY PROFILE

Danantara Investment Management (P.T.) (DIM) is an investment management entity established under Indonesia's Law No. 16 of 2025 as part of the Danantara institutional structure. BPI Danantara is mandated to manage and optimize the government's portfolio of SOE assets and investments, and within this structure DIM serves as an investment management entity supporting the implementation of BPI Danantara's strategy, including through capital deployment and investment execution. DIM is wholly owned by BPI Danantara. 

REGULATORY DISCLOSURES

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For provisional ratings, the Credit Rating Announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating.

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The Global Scale Credit Rating(s) discussed in this Credit Rating Announcement was(were) issued by one of Moody's affiliates outside the EU and UK and is(are) endorsed for use in the EU and UK in accordance with the EU and UK CRA Regulation. (ends)