Operates in a high-risk and developing economic environment Moderate risk position Strong business franchise in the domestic banking industry Above average funding profile and strong liquidity Standard&Poor's Ratings Services bases its ratings on PT Bank Mandiri (Persero) (Mandiri) on the company'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 stand-alone credit profile (SACP) is 'bb+'. Our bank criteria use the BICRA economic risk and industry risk scores to determine a bank's anchor, the starting point in assigning an ICR. The anchor for a bank operating only in Indonesia is 'bb'. The BICRA score for Indonesia is
