Moody's gives Baa2 to Indonesia sukuk

Moody's Investors Service said it gave Baa2 backed senior unsecured ratings to the U.S. dollar-denominated trust certificates (sukuk) issued by the government of Indonesia through Perusahaan Penerbit SBSN Indonesia III (PPSI III) under its recently enlarged $35 billion trust certificate issuance program.

“The rating mirrors the government of Indonesia's long-term issuer rating of Baa2 with a stable outlook. Moody's notes that its sukuk ratings do not express an opinion on the structures' compliance with Shari'ah law,” the agency said in a press release.

The proceeds are intended for general budgetary purposes, including for financing requirements, provided for the 10-year green sukuk, an amount equal to the net proceeds from the sale of the trust certificates will be used exclusively to finance or re-finance eligible green and blue sustainable development goal projects as defined in Indonesia's government securities framework.

The outlook on Indonesia is stable.

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