Fitch affirms Bank Mandiri

Fitch Ratings said it affirmed its ratings on PT Bank Mandiri at long-term foreign currency BB-, long-term local currency BB-, national A(ind), individual C/D and support 4.

This despite Mandiri's announcement this week of very poor first-quarter 2005 results, which have come on top of the news in mid-April that the State Auditor was investigating irregularities over some Indonesia rupee 12.2 trillion of Mandiri's loans (12% of total loans). This was followed by the arrest of its president director and two other directors (since replaced with quality hires) in relation to rupee 1.1 trillion of the loans in question.

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