Moody’s assigns Indonesia sukuk Baa2

Moody’s Investors Service said it assigned Baa2 backed senior unsecured ratings to the planned dollar-denominated trust certificates (sukuk) to be issued by the government of Indonesia through Perusahaan Penerbit SBSN Indonesia III (PPSI III). Moody’s rates Indonesia Baa2.

The ratings apply to all the proposed tranche issuances, including those with maturities in 2025, 2030 and 2050.

“According to the terms and conditions available to Moody’s, the trust certificates will constitute direct, unconditional and unsubordinated obligations of the government of Indonesia (the issuer). In Moody’s opinion, the payment obligations represented by the securities to be issued by PPSI III are ranked pari passu with all of the government of Indonesia’s current and future senior unsecured external debt,” the agency said in a press release.

The proceeds of the notes are intended for general budgetary purposes, including for financing requirements.

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