Strong business franchise in the domestic banking industry. Above average funding profile and strong liquidity. Exposure to high economic risk in Indonesia. Moderate risk position. The stable outlook reflects our expectation that PT Bank Mandiri (Persero) will maintain its strong market position and financial profile. An upgrade is possible if we raise the sovereign rating on Indonesia (BB+/Positive/B; axBBB+/axA-2) and the bank's asset quality improves. We could downgrade Mandiri if we lower the sovereign rating. Standard&Poor's Ratings Services bases its ratings on Mandiri on the bank's "strong" business position, "adequate" capital and earnings, "moderate" risk position, "above-average" funding, "strong" liquidity, and expectations of a "high likelihood" of government support, as our criteria define those terms. The bank's stand-alone
