Fitch: Bank Mandiri AA(idn)

Fitch Ratings said it assigned an AA(idn) national long-term rating to PT Bank Mandiri Taspen Pos (Bank Mantap).

The outlook is stable.

The ratings reflect expectations of very low default risk relative to other issuers or obligations in the same country, Fitch said.

The ratings also consider an expectation of a high probability of extraordinary support from its majority shareholder, PT Bank Mandiri (Persero) Tbk., if needed, the agency said.

Fitch said it views Bank Mantap as a strategically important subsidiary that has a key role in expanding Bank Mandiri’s pension lending business in Indonesia.

Bank Mandiri’s support is manifested in its 58.3% ownership of the bank, name association between the two, liquidity and capital assistance and high operational alignment in key areas, the agency said.

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