HONG KONG (Standard&Poor's) April 21, 2014--Standard&Poor's Ratings Services said today that its ratings on PT Bank Mandiri (Persero) (BB+/Stable/B; axBBB+/axA-2) are not affected by the bank's potential acquisition of Bank Tabungan Negara (BTN). The transaction is subject to shareholder and regulatory approvals. While we expect the proposed acquisition to strengthen Mandiri's business position, it may put pressure on the bank's asset quality, and funding and liquidity positions. Our view is based on publicly available data. We may review the ratings once we have more information on the details of the transaction, and if this data is materially different from our estimates. In our view, the acquisition of BTN, which is the biggest mortgage lender in Indonesia,
