Following a review of PT Bank Mandiri (Persero) (Mandiri) under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have revised the rating outlook to stable from positive and affirmed our 'BB+/B' ratings on Mandiri. Our ratings on Mandiri reflect the bank's 'bb' anchor, "strong" business position, "adequate" capital and earnings, "moderate" risk position, "above-average" funding, and "strong" liquidity. The stable outlook reflects our expectation that the bank will maintain its strong market position and liquidity. As we previously announced, on Dec. 13, 2011, Standard&Poor's Ratings Services revised the rating outlook on Indonesia-based PT Bank Mandiri (Persero) (Mandiri) to stable from positive. We also affirmed the 'BB+' long-term and 'B' short-term counterparty credit ratings on
