Moody's assigns Indonesia sukuk Baa2

Moody's Investors Service said it assigned Baa2 backed senior unsecured ratings to the planned dollar-denominated trust certificates (sukuk) to be issued by the government of Indonesia through Perusahaan Penerbit SBSN Indonesia III under its $25 billion trust certificate issuance program.

“The ratings apply to all the proposed tranche issuances, including those with maturities in 2026, 2031 and 2051. According to the terms and conditions available to Moody's, the trust certificates will constitute direct, unconditional and unsubordinated obligations of the government of Indonesia (the issuer),” the agency said in a press release. The rating mirrors Indonesia's long-term issuer rating of Baa2 with a stable outlook.

The proceeds are intended for general budgetary purposes, including for financing requirements.

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