Fitch assigns Indonesia sukuk BBB

Fitch Ratings said it assigned Indonesia's planned U.S. dollar sovereign global certificates, or sukuk, issued through Perusahaan Penerbit SBSN Indonesia III a BBB rating.

PPSI-III is a legal entity in Indonesia set up solely to issue the government's sharia-compliant securities in foreign currencies in the international markets. It is also the trustee.

“The proposed sukuk's rating is driven solely by Indonesia's issuer default rating (IDR), which we affirmed at BBB with a stable outlook in September 2023. This reflects our view that a default of the senior unsecured obligations would reflect a default of Indonesia, in accordance with our rating definitions,” Fitch said in a press release.

The outlook is stable.

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