Fitch ups Bank Syariah Mandiri

Fitch Ratings said it upgraded PT Bank Syariah Mandiri's national long-term rating to AA(idn) from AA-(idn) and its subordinated Islamic bond I/2007 to AA-(idn) from A+(idn).

The outlook is stable.

The Islamic bond I/2007 is rated a notch below its national long-term rating to reflect its subordinated status and non-deferral features, Fitch said.

The upgrade is driven by continued strong support from its parent, state-owned PT Bank Mandiri (Persero) Tbk, the agency said.

The stable outlook is underpinned by the propensity of support from Bank Mandiri as unlikely to change, name sharing and on-going technical and financial assistance to develop the latter's sharia banking business, Fitch said.

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