Development Bank of Mongolia LLC

Almost certain likelihood of extraordinary government support due to the bank's policy role. Lower funding costs than commercial banks. Concentrated credit exposure, partly due to the bank's policy function. Reliance on wholesale funding. The stable outlook on Development Bank of Mongolia LLC (DBM) reflects that on the sovereign credit rating on Mongolia. The ratings on DBM reflect its critical role as the country's only policy bank with development and export-import bank functions and its integral link with the government, its sole owner. We equalize the ratings on DBM with those on the sovereign because we expect the bank to remain a government-related entity with almost certain likelihood of receiving government support on an as needed basis at least for the

...*Unless otherwise noted, all ratings in this report are global scale ratings. S&P Global Ratings' credit ratings on the global scale are comparable across countries. S&P Global Ratings' credit ratings on a national scale are relative to obligors or obligations within that specific country. Issue and debt ratings could include debt guaranteed by another entity, and rated debt that an entity guarantees. WWW.STANDARDANDPOORS.COM/RATINGSXPRESS AUGUST 16, 2019 5...

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