Fitch rates Bank Mandiri notes BBB-

Fitch Ratings said it assigned an expected long-term BBB- rating- to PT Bank Mandiri (Persero) Tbk.'s proposed $300 million of senior unsecured notes. The offering will be the third tranche from the bank's $2 billion euro medium-term note program and will have a tenor of up to five years.

“Fitch rates Mandiri's proposed notes at the same level as its long-term issuer default rating (IDR) in accordance with Fitch's criteria. This is because the proposed notes constitute the bank's direct, unsubordinated and senior unsecured obligations and rank equally with all its other unsecured and unsubordinated obligations,” the agency said in a press release.

Proceeds will be used to finance, refinance or invest in eligible green and social projects under Mandiri's sustainable financing framework.

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