Fitch rates Perusahaan Penerbit sukuk BBB-

Fitch Ratings said it assigned Indonesia's forthcoming Perusahaan Penerbit SBSN Indonesia III (PPSI-III) global certificates (sukuk) an expected BBB-(EXP) rating.

The expected rating on the Islamic bond is in line with the Republic of Indonesia's long-term foreign currency issuer default rating of BBB-, which has a stable outlook. The sovereign's long-term local currency issuer default rating is also BBB- with a stable outlook.

Fitch said the rating reflects its view that cash flows supporting payment on the sukuk, which will have a combined ijara and wakala structure, will constitute direct, unconditional, unsecured and general obligations of Indonesia, ranking equally with Indonesia's unsecured and unsubordinated marketable external debt.

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