20241104_BMTP_Laporan Hasil Pemeringkatan_31752614_lamp2.pdf

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 it 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 we downgrade Mandiri's VR.


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 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 a
strengthening 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 a much larger contribution to the parent's earnings. However,
we believe these are unlikely to materialise in the near term.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Debt Programme: 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 equally 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:


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                                                          AA(idn) Rating
                                 Natl LT    AA(idn) Rating Outlook Stable
   Taspen                                                                   Outlook
                                                                            Stable
                                 Affirmed



      senior unsecured                                                      AA(idn)
                                 Natl LT    AA(idn)    Affirmed


VIEW ADDITIONAL RATING DETAILS


FITCH RATINGS ANALYSTS

Tisha Mamuaya
Analyst
Primary Rating Analyst
National
+62 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

Jonathan Cornish
Managing Director
Committee Chairperson
+852 2263 9901
jonathan.cornish@fitchratings.com

MEDIA CONTACTS

Leslie Tan
Singapore
+65 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. 16 Mar 2024) (including rating assumption sensitivity)



ADDITIONAL DISCLOSURES

Solicitation Status
Endorsement Policy

ENDORSEMENT STATUS

PT Bank Mandiri Taspen                                                     -



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