20251028_BMTP_Laporan Hasil Pemeringkatan_31980017_lamp1.pdf

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10/17/25, 12:59 PM Fitch Affirms Bank Mantap at 'AA(idn)', Outlook Stable

FitchRatings

RATING ACTION COMMENTARY

Fitch Affirms Bank Mantap at 'AA(idn)': Outlook Stable

Fri 17 Oct, 2025 - 1:51 AM ET

Fitch Ratings - Jakarta - 17 Oct 2025: Fitch Ratings Indonesia has affirmed PT Bank Mandiri
Taspen's (Bank Mantap) National Long-Term Rating at 'AA(idn)'. The Outlook is Stable. Fitch
has also affirmed the ratings on the bank's rupiah-denominated senior bonds at 'AAlidn)'.

'AA' National Long-Term Ratings denote expectations of a very low level of default risk
relative to other issuers or obligations in the same country or monetary union. The default
risk inherent differs only slightly from that of the country's highest rated issuers or
obligations.

KEY RATING DRIVERS

Support Underpins Ratings: Bank Mantap's National Long-Term Rating is driven by Fitch's
expectation of extraordinary support from its parent, PT Bank Mandiri (Persero) Tbk
(Mandiri, BBB/AAAlidn)/Stable/bbb-), which has a 5196 controlling stake. State-owned
Mandiri is Indonesia's largest bank in terms of total assets. PT Taspen, a state-owned
company that manages pension funds for Indonesia's civil servants, holds around 484 of
Bank Mantap's shares.

Anchored to Parent's VR: Bank Mantap's rating is linked to its parent's Viability Rating
(VR), as we believe extraordinary support would come from Mandiri's internal financial
resources. Details on Mandiri's VR and sensitivities can be found in the rating action
commentary published on 30 April 2025.

Parental Ability to Support: We believe Mandiri's support for its banking subsidiaries is
likely to be permitted by the regulator. We think Bank Mantap's small size relative to its
parent, with assets constituting 2.6X of the group's total at end-1H25, does not constrain
Mandiri's ability to provide support.

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10117125, 12:59 PM Fitch Affirms Bank Mantap at 'AA(idny', Outlook Stable
Moderate Support Propensity: Our assessment of parental support propensity remains
unchanged, as we view Bank Mantap as astrategically important subsidiary for Mandiri due
to its role in servicing the lucrative pension loan business. This loan segment is a sizeable
and attractive business for Mandiri because of its high risk-adjusted returns, and we expect
this to be sustained.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative Rating
Action/Downgrade

A downgrade of Bank Mantap's National Long-Term Rating could arise from a weakening in
its overall credit profile relative to the universe of entities rated on our Indonesian National
Rating scale. This could happen if Mandiri's VR is downgraded.

A perceived decline in the parent's propensity to provide support could also result in
negative rating action, which may be caused by a reduction in Mandiri's ownership such
that it ceases to be the controlling shareholder, or if there is a significantly diminished role
for Bank Mantap in the parent's strategy.

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

An upgrade of Bank Mantap's National Long-Term Rating could arise from astrengthening
in its overall credit profile relative to the universe of entities rated on our Indonesian
National Rating scale. This could happen if Mandiri's VR is upgraded, or if we believe that
Bank Mantap has become more integral and strategically important to Mandiri's overall
business. This may be reflected in a substantial increase in Mandiri's ownership of Mantap
or if it contributes a much larger proportion of the parent's earnings. However, we believe
these are unlikely to materialise in the near term.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Bank Mantap's debt programme and bonds issued under the programme are rated at the
same level as its National Long-Term Rating under Fitch's criteria. This is because the
instruments represent direct, senior obligations of the bank and rank egually with all its
senior obligations. Indonesia does not have a sophisticated resolution framework, and we
believe these obligations have average recovery prospects.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade:

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10/17/25, 12:59 PM Fitch Affirms Bank Mantap at 'AA(idn)' Outlook Stable

An upgrade in Bank Mantap's National Long-Term Rating would lead to a corresponding
upgrade of its issue ratings.

Factors that Could, Individually or Collectively, Lead to Negative Rating
Action/Downgrade:

Any downgrade of Bank Mantap's National Long-Term Rating would lead to a
corresponding downgrade of its issue ratings.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are described in the Applicable
Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Bank Mantap's National Long-Term Rating is credit-linked to Mandiri's VR, based on our
expectation of extraordinary support, if needed.

RATING ACTIONS

ENTITY /DEBT £ RATING $ PRIOR $
PT Bank Mandiri Taspen . . AAfidn) Rating
NatILT  AAflidn) Rating Outlook Stable
Outlook
Stable
Affirmed
senior unsecured AAfidn)

NatILT  AAlidn) Affirmed

VIEW ADDITIONAL RATING DETAILS

FITCH RATINGS ANALYSTS

Tisha Mamuaya
Analyst

Primary Rating Analyst
National

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10/17/25, 12:59 PM Fitch Affirms Bank Mantap at 'AA(idn)', Outlook Stable
462 21 4000 0544
tisha.mamuaya1@fitchratings.com
PT Fitch Ratings Indonesia
DBS Bank Tower 24th Floor, Suite 2403 Jl. Prof.Dr. Satrio Kav 3-5 Jakarta 12940

Grace Wu

Senior Director
Committee Chairperson
4852 2263 9919
grace.wu@fitchratings.com

MEDIA CONTACTS

Leslie Tan

Singapore

465 6796 7234
leslie.tan@thefitchgroup.com

Vivian Kam

Hong Kong

#852 2263 9612
vivian.kam@thefitchgroup.com

Additional information is available on www.fitchratings.com

PARTICIPATION STATUS

The rated entity (and/or its agents) or, in the case of structured finance, one or more of the
transaction parties participated in the rating process except that the following issuer/s), if
any, did not participate in the rating process, or provide additional information, beyond the
issuer's available public disclosure.

APPLICABLE CRITERIA

National Scale Rating Criteria (pub. 23 Dec 2020)
Bank Rating Criteria (pub. 22 Mar 2025) (including rating assumption sensitivity)

ADDITIONAL DISCLOSURES
Solicitation Status

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10/17/25, 12:59 PM Fitch Affirms Bank Mantap at 'AA(idn)', Outlook Stable

Endorsement Policy
ENDORSEMENT STATUS

PT Bank Mandiri Taspen -

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10/17/25, 12:59 PM Fitch Affirms Bank Mantap at 'AA(idn)', Outlook Stable

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10/17/25, 12:59 PM Fitch Affirms Bank Mantap at 'AAf(idn)'s Outlook Stable
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10/17125, 12:59 PM Fitch Affirms Bank Mantap at 'AAfidn)': Outlook Stable
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