Fitch ups Bank Mandiri

Fitch Ratings said it upgraded PT Bank Mandiri (Persero) Tbk's national long-term rating to AAA(idn) from AA+(idn). The agency also said it affirmed the bank's long-term foreign-currency and local-currency issuer default ratings at BB+ and short-term foreign-currency issuer default rating at B.

The outlook is stable.

The upgrade reflects its improved financial performance despite more challenging economic conditions, improved asset quality with non-performing loans remaining well-reserved and satisfactory capitalization, Fitch said.

The ratings also reflect the bank's position as Indonesia's largest majority state-owned bank, the agency said.

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