Fitch Ratings has assigned an AAA(idn) rating to Danantara Investment Management's second tranche of subordinated debt due 2030 and 2032, according to a Monday release.

The entity issued the subordinated debt under its 65 trillion rupiah program.

The rating is the highest one assigned in Fitch's national rating scale and given to issuers or obligations with the lowest expectation of default risk compared to others in the same country.

The debt's rating is similar to the entity's national long-term rating, which in turn stems from Fitch's view of the Indonesian government's major influence over its operations.

A weaker view of the government's incentive to extend support, leading to a deterioration in the support score, an action on the entity's rating, or term changes that increase the debt's subordination could prompt a negative rating action, Fitch said.