S&P rates Indonesia sukuk BBB

S&P said it assigned its BBB issue rating to the $3 billion sukuk issued by Perusahaan Penerbit SBSN Indonesia III under its $25 billion program.

PPSI III is a special purpose vehicle of the Republic of Indonesia established solely to issue foreign currency-denominated Sharia-compliant securities in international markets.

The trust certificates’ rating reflects the rating on Indonesia, S&P said.

The outlook is negative.

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