Strong business franchise as the second-largest lender in Indonesia. Strong capitalization supported by good profitability. Asset quality is weaker than peers'. The stable outlook on PT Bank Mandiri (Persero) (Mandiri) reflects our expectation that the bank will maintain its strong market position and capitalization over the next 18-24 months. We may lower our assessment of Mandiri's stand-alone credit profile (SACP) if the bank's risk-adjusted capital (RAC) ratio falls below 10% on a sustained basis. Although such deterioration is not our base-case scenario, it could happen if the bank grows faster than our forecast and its profitability declines sharply. Given government support for Mandiri, we don't see the rating going down over the next 24 months because the SACP needs to
