Motor gets 'Aaa' rating

Motor gets 'Aaa' rating

SYDNEY (Reuters): Moody's Investors Service said it assigned a "Aaa" rating to the US$177.6 million of guaranteed floating rate notes issued by Indonesia Motor Vehicle Funding 1997-1 Ltd.

Moody's said the rating was based on the financial guarantee insurance policy issued by Aaa-rated Financial Security Assurance (FSA) Inc., which guarantees payments of principal and timely interest on the notes issued.

The issuer is a special purpose company incorporated in the Cayman Islands and the proceeds of the notes will be used to fund a pool of Indonesian rupiah denominated motorcycle and light commercial vehicle loans originated and sold to the issuer by PT Putra Surya Multidana (PSM).