Investor Presentaiton

A WELL MAINTAINED INDONESIA'S SCR AMIDST GLOBAL AND DOMESTIC CHALLENGES Indonesia's economic prospects have received appreciations from International Institutions INDONESIA'S SOVEREING CREDIT RATING Indonesia Rating Agency Sovereign Credit Rating Outlook Assessment Date R&I BBB+ Stable 27 May 2022 S&P BBB Stable 27 April 2022 Rating Position • JCR Agency BBB+ Stable 27 July 2022 Moody's Fitch Baa2 Stable 10 January 2022 BBB Stable 14 December 2022 S&P Global MOODY'S Fitch Ratings • . Adequate S&P upgraded Indonesia's outlook from negative to STABLE in line with rating affirmations by Moody's, Fitch, R&I and JCRA: confirm the condition of strong economic fundamentals and positive prospects The Ability to absorb shocks from the pandemic without any negative impact on the medium-term economic trajectory The impact of the pandemic on Indonesia's fiscal is better than that of its peers, with a promising fiscal consolidation scenario Significant progress in returning to a moderate fiscal deficit and improving Indonesia's external economic position Rating Action during the 2020-2021 Pandemic 161 Rating Downgrades 57 by Fitch 53 by Moody's 51 by S&P 109 Negative Outlook Revision 40 by Fitch 25 by Moody's 44 by S&P During the pandemic, major rating agencies are rampantly taking action ratings the pandemic has had a major impact, especially on fiscal conditions. More action ratings in 2020 than the 2008 GFC crisis In 2022, the three rating agencies have carried out 31 Rating Action Upgrades, 79 Rating Action Downgrades and 32 Negative Outlook Revisions Latest CRA's rating on peer country Ratings AAA Aaa AAA Extremely Strong 30 Rating Upgrades 11 by Fitch AA+ Aa1 AA+ 10 by Moody's AA Aa2 AA Very Strong 9 by S&P AA- Aa3 AA- A+ A1 A+ Investement Grade Ratings (IG) A A2 A Strong A- A3 A- BBB+ Baa1 BBB+ BBB Baa2 BBB BBB- Baa3 BBB- BB+ Bal BB+ BB Ba2 BB Less Vulnerable BB- Ba3 BB- B+ B1 B+ 0 B B2 B More Vulnerable Non-Investment Grade Rating (HY Status) B- B3 B- CCC+ Caal CCC+ CCC Caa2 CCC Currently Vulnerable CCC- Caa3 CCC- CC Ca CC Currently High Vulnerable C C C SD D RD Default D D Default S&P Fitch Moody's Malaysia A- (Stable) BBB+(Stable) A3 (Stable) Philippines BBB+Stable) Mexico BBB(Negative) BBB (stable) BBB(Stable) South Africa BB- (Positive) BB-(Stable) India BBB-(Stable) BBB-(Stable) Baa2 (Stable) Baa2(Stable) Ba2(Stable) Baa3(Stable) 23 Source: Ministry of Finance

View entire presentation