Almost certain likelihood of government support. Critical policy banking role, especially for large infrastructure development projects. Pressure on asset quality due to high concentration risk and policy banking role. Very weak capitalization. The stable outlook on Development Bank of Mongolia (DBM) mirrors that on the sovereign rating on Mongolia (B/Stable/B). We equalize the rating on DBM with those on the sovereign rating on Mongolia because we expect the bank to remain a government-related entity (GRE) with an almost certain likelihood of receiving government support. The stable outlook on the sovereign rating balances the country's low-income resource-driven economy, emerging policy environment and fiscal performance, high external risk, and limited monetary flexibility with the prospect that large mining projects could quickly reverse
