Theindonesiatoday.com - Fitch Ratings has on Tuesday (October 11)
assigned Perusahaan Penerbit SBSN Indonesia II's (PPSI-II) upcoming
global certificates (sukuk) an expected 'BB+(exp)' rating.
The rating is in line with the Republic of Indonesia's Long-Term
Foreign Currency Issuer Default Rating of 'BB+', which has a Positive
Outlook. (source)
The final rating of the sukuk is conditional on receipt of information conforming to materials already received.
The rating reflects Fitch's view that the cashflows guaranteeing
payment on the sukuk are considered direct, unconditional, unsecured and
general obligations of the Republic of Indonesia, ranking equally with
Indonesia's unsecured and unsubordinated marketable external debt.
The sukuk follow an "ijara" (sale and leaseback) structure
functionally identical to the Republic's PPSI-I 2014 sukuk issued in
April 2009. (Theindonesiatoday.com)
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