Strong business franchise in the domestic market as the biggest bank in Indonesia. Above average funding profile and strong liquidity, backed by an extensive branch network and status as a government-owned bank. Exposure to economic risk in Indonesia, which is relatively high for the region. Rising nonperforming assets and credit costs, in line with the sector trend. The stable outlook reflects our expectation that PT Bank Mandiri (Persero) will maintain its strong market position and funding profile such that the bank's stand-alone credit profile (SACP) remains 'bb+' over the next 18-24 months. The outlook also reflects the sovereign credit rating on Indonesia (BB+/Stable/B; axBBB+/axA-2). We would upgrade Mandiri if we raise the sovereign credit rating and revise the bank's SACP
