Putra Surya rated AAA

Putra Surya rated AAA

HONG KONG (Reuters): Standard & Poor's said yesterday it had
assigned its AAA rating to Indonesian Motor Vehicle Funding 1997-
1 Ltd.'s US$177.6 million guaranteed asset-backed floating-rate
notes due 2001.

This is the first securitisation of motorcycle and light
commercial vehicle loans by Indonesian finance company PT Putra
Surya Multidana (PSM).

It involves the sale of loans by PSM to Indonesian Motor
Vehicle Funding 1997-1, a special-purpose, bankruptcy-remote
entity incorporated in the Cayman Islands, S&P said.

S&P said the AAA rating reflects its assessment of the
likelihood of timely payment of interest and repayment of
principal based on the financial guarantee insurance policy
provided by U.S. bond insurer Financial Security Assurance.