PT Bank Mandiri (Persero)

Strong business franchise as the second-largest lender in Indonesia. Strong capitalization supported by good profitability. Asset quality is weaker than peers'. Pandemic risks weigh on financial profile. The negative outlook on Mandiri reflects a one-in-three chance of a rating downgrade over the next 12 months. We will lower the rating on Mandiri by a notch if: (1) we downgrade the sovereign rating on Indonesia by a notch; and (2) tough operating conditions lead to lowering of asset quality or capital levels. We will revise the outlook on Mandiri to stable if economic headwinds in the Indonesian banking sector abate. We could also revise the outlook back to stable following a similar revision in the sovereign rating if Indonesia's external or

...Pandemic risks weigh on financial profile. Outlook: Stable The negative outlook on Mandiri reflects a one-in-three chance of a rating downgrade over the next 12 months....

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