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KN-JAKARTA, The Indonesian financial landscape is bracing for impact after Moody’s Investors Service shifted the outlook from “stable” to “negative” for dozens of the country’s most prominent state-owned and private corporations.
This sweeping adjustment follows a similar downgrade of Indonesia’s sovereign debt outlook on February 5, 2026. The agency warned that the actual credit rating—currently sitting at Baa2—could be slashed to Baa3 within the next 6 to 18 months if the government fails to address underlying fiscal signals.
The “Hit List”: Major Issuers Affected
The move has sent a chill through the Indonesia Stock Exchange (IDX), primarily targeting heavyweights with significant foreign currency debt. The affected entities include:
- Banking Giants: Bank Mandiri (BMRI), BRI (BBRI), BNI (BBNI), BTN (BBTN), and BCA (BBCA).
- Industrial & Telecom Leaders: Telkom Indonesia (TLKM), Indofood (ICBP), and United Tractors (UNTR).
- State Energy & Mining: PT Pertamina, Pertamina Hulu Energi, and MIND ID.
Market Reaction: A “Red Monday” on the IDX
Following the announcement, major tickers saw immediate downward pressure during trading on February 9:
|
Ticker |
Price Change (Points) |
Closing Price |
|---|---|---|
|
BBCA (BCA) |
🔻 175 |
7,500 |
|
BMRI (Mandiri) |
🔻 50 |
5,000 |
|
TLKM (Telkom) |
🔻 30 |
3,350 |
|
BBTN (BTN) |
🔻 25 |
1,255 |
|
BBNI (BNI) |
🔻 10 |
3,770 |
The “Hidden” Obstacle
Industry analysts point out that the seven-year-old tariff regulations are the biggest hurdle. Because the base fare limits are so rigid, airlines lack the flexibility to “cross-subsidize”—meaning they can’t use peak-season profits to lower prices during the off-season.
While the zero-percent VAT is a welcome gift for Ramadan travelers, the “cheap domestic flight” remains an elusive goal until broader structural reforms are addressed.
Photo by: Invesnesia
Glembert