Moody's gives Indonesia green sukuk Baa2

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

The ratings reflect the government’s Baa2 rating, Moody’s said.

The proceeds are intended for general financing purposes. The issuer also intends to invest an amount equal to the net proceeds to finance or re-finance expenditure directly related to 'eligible sustainable development goals expenditures with green and blue focus' as defined in the government's framework.

The outlook is stable.

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