On Sept. 2, 2005, Standard&Poor's Ratings Services revised its outlook on the foreign currency rating on Indonesia's PT Bank Mandiri (Persero) (foreign currency B+/Stable/B, local currency BB-/Stable/B) to stable from positive. At the same time, the ratings on Bank Mandiri have been affirmed. This comes after Standard&Poor's revised its outlook on Indonesia (foreign currency B+/Stable/B, local currency BB/Stable/B) to stable from positive. The outlook change on the sovereign reflects increasing concern by Standard&Poor's over the apparent inability and unwillingness of the Indonesian authorities to address the underlying structural causes behind the rupiah's recent rapid depreciation (see "Outlook On Indonesia Revised To Stable From Positive On Policy Response Concerns," published on Sept. 2, 2005, on
