Indonesia’s USD Sukuk Receives a BBB Rating From Fitch Ratings 

Fitch Ratings (Fitch) has assigned a BBB rating to Indonesia's USD sovereign global certificates (sukuk) issued via Perusahaan Penerbit SBSN Indonesia III (PPSI-III). Amongst these, one of the maturities is a green Sukuk with the proceeds going towards the financing or refinancing of expenditure directly related to eligible green projects, as the Government of Indonesia's Green Bond and Green Sukuk Framework.

Ratings Rationale

The rating of the Sukuk is driven solely by Indonesia's 'BBB' Issuer Default Rating (IDR). In March 2021, Fitch affirmed the IDR at BBB, with a Stable Outlook. The Sukuk’s rating is sensitive to any changes in Indonesia's Long-Term Foreign-Currency IDR, indicating that a default of the Sukuk’s obligations would reflec...