Indonesian notes rates AAA

Indonesian notes rates AAA

MELBOURNE (Reuter): Standard and Poor's Corp said yesterday it has assigned its AAA rating to the US$200 million of guaranteed asset backed floating rate senior notes issued by Indonesia's Automobile Securitized Finance No.1 Ltd (ASF).

The transaction is the first public securitization of consumer assets originated in the Republic of Indonesia to be assigned a rating by S&P.

S&P said the AAA rating reflected the note policy provided by Financial Security Assurance Inc (FSA) which guarantees the full and timely repayment of interest due on the monthly payment dates and the full repayment of principal by the final maturity date of the notes. FSA's claims paying ability rating is AAA.

ASF is a special purpose company incorporated in the Cayman Islands. Proceeds of the notes are used to purchase a portfolio of vehicle agreements originated by PT Astra Sedaya Finance, a consumer finance company which is owned 53 percent by PT Astra International and 47 percent by GE Capital Asia Investments.