TEXT-Fitch rates Indonesia's PPSI-III Sukuk 'BBB-(EXP)'

Mon Nov 5, 2012 7:02am EST

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(The following statement was released by the rating agency)

Nov 05 - Fitch Ratings has assigned the upcoming USD3bn Perusahaan Penerbit SBSN Indonesia III's (PPSI-III) global certificates (Sukuk), due 2022, an expected 'BBB-(EXP)' rating.

Fitch Ratings has assigned the upcoming USD3bn Perusahaan Penerbit SBSN Indonesia III's (PPSI-III) global certificates (Sukuk), due 2022, an expected 'BBB-(EXP)' rating.

The ratings reflect Fitch's view that the cashflows supporting payment on the Sukuk constitute 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 identical to the Republic's PPSI-I 2014 Sukuk issued in April 2009 and PPSI-II 2018 Sukuk issued in November 2011.

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