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S&P rates Indonesia sukuks BBB-
S&P said it assigned a preliminary BBB- rating to the proposed dollar-denominated trust certificates (sukuk) to be issued by Perusahaan Penerbit SBSN Indonesia III (PPSI III) under its $25 billion program.
PPSI III is a special purpose vehicle of the Republic of Indonesia, established solely to issue foreign-currency-denominated Sharia-compliant securities on international markets, S&P explained.
The preliminary BBB- issue rating reflects the rating on Indonesia because the transaction fulfils conditions for rating sukuk at the same level as the rating on its sponsor, the agency said.
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