The stable outlook reflects our expectation that PT Bank Mandiri (Persero) will maintain its strong market position and financial profile. An upgrade is possible if we raise the sovereign rating on Indonesia (BB+/Positive/B; axBBB+/axA-2) and the bank's asset quality improves. We could downgrade Mandiri if we lower the sovereign rating. Standard&Poor's Ratings Services bases its ratings on Mandiri on the bank'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 bank's stand-alone credit profile (SACP) is 'bb+'. Our bank criteria use the Banking Industry Country Risk Assessment (BICRA) economic risk and industry risk scores to determine a
