Fitch rates Bank Mantap bonds AA(idn)

Fitch Ratings said it published a national long-term rating of AA(idn) for the proposed rupiah senior bonds of PT Bank Mandiri Taspen Pos (Bank Mantap).

Bank Mantap's proposed bond issuance will be Rp 2 trillion in total with maturity of up to 60 months, which consists of tranche A with issuance amount of Rp 1.5 trillion and maturity of 36 months from the issuance date; and tranche B with issuance amount of Rp 500 billion and maturity of 60 months from the issuance date.

The proceeds will be used to support the company's working capital requirements Fitch said.

Bank Mantap's national rating reflects 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 Mandiri's pension lending business in Indonesia.

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