SINGAPORE (S&P Global Ratings) March 14, 2025--S&P Global Ratings today assigned its 'BBB' long-term issue rating to U.S. dollar-denominated senior unsecured notes that Bank Mandiri (Persero) PT proposes to issue. The bank will issue the notes under its US$4 billion global medium-term notes program. We equalize the rating on the notes with the issuer credit rating on Mandiri (BBB/Stable/A-2). This reflects our expectation that the notes shall always rank equally with all other senior unsecured obligations of the Indonesia-based bank. The notes will constitute the bank's direct, unconditional, unsecured, and unsubordinated obligations. The rating on the proposed notes is subject to our review of the final terms and conditions. Criteria Financial Institutions General: Risk-Adjusted Capital Framework Methodology, April
