Bank Mandiri (Persero) PT is likely to sustain improvements in its asset quality, given stable economic conditions in Indonesia and the bank's prudent risk management. Meanwhile, we expect Bank Mandiri's risk-adjusted capital (RAC) ratio to dip below 10% due to above-average credit growth and a high dividend payout. We affirmed our 'BBB' long-term and 'A-2' short-term issuer credit ratings on the Indonesia-based bank. The stable outlook on the long-term rating reflects our view that Bank Mandiri will maintain its strong market position in Indonesia over the next 12-24 months. Our ratings on the bank incorporate a very high likelihood of extraordinary government support. On Oct. 1, 2024, S&P Global Ratings affirmed its 'BBB' long-term and 'A-2' short-term issuer credit ratings
