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.