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Fitch upgrades Bank Syariah Mandiri
Fitch Ratings said it upgraded PT Bank Syariah Mandiri's national long-term rating to AA-(idn) from A+(idn) and the bank's subordinated Islamic bond I/2007 to A+(idn) from A(idn).
The outlook is stable.
The upgrades are driven by support from its parent bank, state-owned Bank Mandiri (Persero) Tbk, which is rated BB+/AA+(idn), Fitch said, and its satisfactory performance with higher non-performing financings.
Bank Mandiri commitment is reflected in the sole ownership and the financial and technical assistance provided in the development of Bank Syariah Mandiri's sharia banking operations, the agency said.
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