Moody's rates Indonesian sukuks Baa3

Moody's Investors Service said it assigned a definitive long-term Baa3 rating to the U.S. dollar trust certificates issued by Perusahaan Penerbit SBSN Indonesia III.

The payment obligations associated with these certificates are direct obligations of the Government of Indonesia.

The outlook is stable.

In Moody's opinion, the payment obligations represented by the securities issued by PPSI III are ranked pari passu with other senior, unsecured debt issuances of the Government of Indonesia.

As such, Moody's Baa3 rating for the sukuk issuance is in line with the Government of Indonesia's Baa3 issuer rating and stable outlook given that any direct government obligation whose repayment is handled by the Government of Indonesia receives a rating equivalent to that of the government, the agency said.

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