Indonesia’s Most Trusted  Rating Agency

S&P Global Ratings and PEFINDO Announce Equity Investment

S&P Global Ratings and PEFINDO Announce Equity Investment

8 May 2023

JAKARTA, May 8, 2023 -- S&P Global Ratings, the world’s leading provider of independent credit ratings, and PEFINDO, the first and largest credit rating agency in Indonesia, today announced that S&P Global has agreed to acquire a 15% shareholding in PEFINDO via subscription to new shares.

The deal extends a long-standing partnership between the two companies and significantly increases their commitment to capital markets in Indonesia, ASEAN’s largest economy.

Elena Okorochenko, Regional Head - Asia-Pacific, S&P Global Ratings, said: “PEFINDO has been our trusted partner in Indonesia and we are thrilled to deepen our relationship through the equity investment. We look forward to working closer with PEFINDO and leveraging their deep local market insights to better serve our customers and investors in Indonesia and Asian markets. This investment also enhances our commitment to capital markets in one of the world’s biggest emerging economies and enable us to help strengthen credit-rating standards in Indonesia.”

Irmawati Amran, President Director, PEFINDO, said: “We are excited to expand our relationship with S&P Global Ratings, whose global expertise and scale will help PEFINDO to broaden our range of services to customers in Indonesia’s growing capital markets and to enhance our capacity building. At the same time, S&P Global Ratings can leverage PEFINDO's in-depth knowledge and understanding of Indonesia. Irmawati added that with S&P Global Ratings as PEFINDO shareholders, both parties are committed to continuing the collaboration in the form of business, product, and talent development.

S&P Global Ratings has been associated with PEFINDO since 1996, when it entered into a Technical Services Agreement with PEFINDO. Since then, S&P Global Ratings and PEFINDO have participated jointly in seminars and undertaken educational training sessions. Going forward, this collaboration will expand further with S&P Global Ratings coming onboard as a shareholder.

On May 30, 2023, the two companies will jointly host an in-person market seminar in Jakarta, focused on the topic of Regional Credit and Sustainable Finance trends.


About S&P Global Ratings

S&P Global Ratings, a division of S&P Global Inc. (NYSE: SPGI), is the world’s leading provider of independent credit ratings. Our ratings are essential to driving growth, providing transparency and helping educate market participants so they can make decisions with confidence.

We have more than 1 million credit ratings outstanding on government, corporate, financial sector and structured finance entities and securities. We offer an independent view of the market built on a unique combination of broad perspective and local insight. We provide our opinions and research about relative credit risk; market participants gain independent information to help support the growth of transparent, liquid debt markets worldwide. 

More information on S&P Global Ratings can be found at


About PEFINDO Credit Rating Agency

PT Pemeringkat Efek Indonesia (PEFINDO) is established on 21 December 1993 by the initiative of the Capital Market Supervisory Agency/BAPEPAM (now Financial Services Authority or Otoritas Jasa Keuangan) and Bank Indonesia. PEFINDO is owned by 78 shareholders consisting of Stock Exchanges, Banking, Pension Funds, Insurance and Securities Companies.

Since its establishment, PEFINDO has rated more than 1,100 entities and various capital market instruments including Bonds, Sukuk, Medium Term Notes (MTN), Asset Backed Securities Collective Investment Contracts (KIK-EBA), Real Estate Investment Funds (DIRE) and Commercial Paper (SBK). In order to support regional bond issuance in Indonesia, PEFINDO has conducted an analysis and rating of local governments.

As of March 31, 2023, PEFINDO has rated debt instruments with total value Rp406.24 trillion or 84.40% of the outstanding debt instruments worth Rp481.33 trillion.