S&P rates Indonesia sukuk BBB

S&P said it assigned its preliminary BBB rating to the proposed dollar-denominated sukuk (trust certificates) to be issued by Perusahaan Penerbit SBSN Indonesia III (PPSI III).

PPSI is a special-purpose vehicle owned by the Republic of Indonesia established to issue foreign-currency-denominated Sharia-compliant securities in international markets, S&P explained.

The preliminary rating on the proposed certificates reflects the rating on Indonesia because the transaction fulfills all of S&P’s conditions for rating the sukuk at the same level as its sponsor, the agency said.

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