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 challenging operating conditions in Indonesia. Rising nonperforming assets and credit costs, in line with the sector trend. The stable outlook on PT Bank Mandiri Indonesia (Persero) Tbk. (Mandiri) reflects our expectation that the bank will maintain its strong market position and funding profile over the next 12-18 months. The ratings factor in our expectation of incremental increases in credit losses and nonperforming loans over the next 12-18 months from historically low levels as a result of Indonesia's economic slowdown. But overall, we expect Mandiri's credit risks to
