S&P Global Ratings and PEFINDO Announce Equity Investment
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.