Fitch rates Indonesia sukuk BB

Fitch Ratings said it assigned the upcoming Perusahaan Penerbit SBSN Indonesia I's trust certificates (sukuk) due 2014 an expected BB senior unsecured rating. The final rating is contingent upon receipt of final documents conforming to information already received.

Perusahaan Penerbit SBSN Indonesia I is a special purpose company wholly-owned by the Republic of Indonesia's Ministry of Finance.

The rating reflects a judgment that the trust can be considered an unconditional, unsubordinated and general obligation of Indonesia, ranking equally with Indonesia's other senior unsecured and unsubordinated public external debt obligations, Fitch said.

The rating is in line with Indonesia's BB long-term foreign-currency issuer default rating with stable outlook.

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