PT Indonesia Infrastructure Financial (IIF) plans to issue global bonds which are part of the euro medium term notes (EMTN) program with a ceiling of US $ 500 million which will be used for its working capital.Fitch Rating Indonesia, in the statement released on January 15, 2021 said it has assigned a 'BBB' rating to IIF's proposed global bonds."This rating is in line with IIF's long-term rating because the debt securities to be issued are direct obligations, not subordinated and not guaranteed by the company," wrote Fitch as quoted on Tuesday (19/1).Fitch added that most of the funding for IIF's operations comes from shareholders through paid-in capital and loans, including subordinated loans from the Asian Development Bank and World Bank provided by the government, distributed to PT Sarana Multi Infrastruktur (Persero) and then given to IIF.Subordinated loans were granted in 2011 and 2017 totaling US $ 400 million or equivalent to 272% of IIF's current equity."We believe this subordinated loan shows continued government support for IIF," he said.