Fitch rates Indonesia sukuk BBB

Fitch Ratings said it assigned Indonesia’s proposed dollar-denominated sukuk (sovereign global certificates) an expected rating of BBB. The expected rating is in line with Indonesia’s long-term foreign-currency issuer default rating of BBB.

The sukuk will be issued through Perusahaan Penerbit SBSN Indonesia III (PPSI-III), which is also the trustee, as part of Indonesia’s trust certificate issuance program.

PPSI-III is a legal entity in Indonesia set up solely for the purpose of issuing Sharia-compliant securities of the Indonesian government in foreign currencies in the international markets, Fitch said.

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