SINGAPORE (Standard&Poor's) March 6, 2012--Standard&Poor's Ratings Services today assigned its 'BB-' foreign currency issue rating to the proposed issue of U.S. dollar notes by Development Bank of Mongolia (DBM). The bank's inaugural issue is a senior unsecured drawdown from its US$600 million euro medium term note program, which we rated 'BB-'. The tenure of the proposed issue is expected to be between three and five years. DBM is wholly owned by the government and is the only policy bank in Mongolia. The bank's mandate is to secure financing for a variety of projects that constitute key components of the government's development strategy. These include railroad and road transportation, infrastructure for housing projects, energy, and industrial development.
