S&P rates Indonesia's Global Sukuk Trust Certificate Programme 'BB+'

SINGAPORE - Standard & Poor's has assigned its 'BB+' long-term foreign currency issue rating to a global Sukuk trust certificate issuance programme of up to US$5 billion by Perusahaan Penerbit SBSN Indonesia III (PPSI-III), a fully-owned special purpose vehicle of the Indonesian Government established to issue foreign-currency-denominated Sharia-compliant securities in international markets.

S&P says it rates the issue on par with the sovereign's other commercial financial obligations, based on the Government's undertaking to treat payment obligations under the note programme as direct, unconditional, unsecured, and general obligations of Indonesia, ranking equal in right of payment with Indonesia’s other unsecured and unsubordinated external indebtedness. www.standardandpoors.com (ATI).