Kuwait is rated AA by S&P and AA by Fitch, with stable outlooks.

Close to 90 percent of all bonds and sukuk are rated AA or AAA.

HSBC and Standard Chartered arranged the subordinated offering, which is locally rated AA- by Crisil.

It was originally rated AA+, but was later downgraded to BB.

Mubadala is rated AA by Fitch and S&P.

The bond issue, rated AA+ by Shanghai Brilliance Credit Rating, had a coupon of 7 percent.

That has pushed investors out of low-grade bonds, widening the spread between high-grade AAA- rated bonds and lower- rated AA bonds.

BTN had not decided the coupon rate for the planned bonds, rated AA- by a local rating agency PT Pefindo.

With $15.5 billion of bonds outstanding, it is rated AA-minus by Standard & Poor's and Fitch.

Five-year Australian dollar bonds issued by the resource-rich states of Queensland and Western Australia, rated AA+ and Aa1, pay around 2.5-2.7 percent.