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Fitch assigns ratings to Development Bank of Mongolia

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Fitch assigns ratings to Development Bank of Mongolia

Fitch Ratings assigned Development Bank of Mongolia LLC long- and short-term foreign-currency issuer default ratings of B.

The rating agency also assigned the policy bank a long-term local-currency issuer default rating of B, and a support rating and support rating floor of "4" and B, respectively, according to an Oct. 4 release.

The outlooks on the long-term ratings are stable.

Fitch said it does not assign a viability rating for the bank due to its evolving commercialized business model, which it views as not yet sufficiently tested.

The agency noted that the issuer default ratings and support rating floor match that of the sovereign, which shows that the bank will likely receive strong government support, if required. However, the bank's support rating of "4" is based on the lower ability, as opposed to propensity, of the government to support the lender.

Mongolia is rated B by the agency.