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.