(The following statement was released by the rating agency)
Dec 10 - Fitch Ratings has affirmed the National Long-Term PT Bank Syariah Mandiri (BSM) at ‘AA + (idn)’ with a stable outlook and ratings BSM subordinated debt at ‘A + (idn)'. Fitch also simultaneously draw the rankings because they are not relevant within the scope of its coverage. Fitch no longer provide ratings or analytical coverage on this issuer.
Rating ‘AA + (idn)’ reflects the strong support at any time if required from Bank Mandiri (‘BBB-’ / ‘AAA (idn)’ / Stable), which has a 99.99% stake in BSM. It is based on the strategic importance of BSM for Bank Mandiri in developing Islamic banking business in Indonesia. Fitch outlook will also be strengthened with the support of risk management integration between the two entities as well as technical and financial support from Bank Mandiri.