Mongolian Mortgage Corp. HFC LLC Assigned 'B-/B' Ratings; Outlook Stable; Proposed Notes Rated 'B-'

In our view, MIK HFC will likely maintain its strong market position as the only authorized issuer of residential mortgage-backed securities in Mongolia. We also expect the group to sustain an adequate capital buffer for business growth despite its concentrated portfolio in mortgages, and increasing credit risks due to its plan to expand into purchasing mortgage assets from commercial banks. We are assigning our 'B-' long-term and 'B' short-term issuer credit ratings to MIK HFC. We are also assigning our 'B-' rating to its proposed senior unsecured notes. The stable outlook on MIK HFC reflects the outlook on the sovereign rating on Mongolia. HONG KONG (S&P Global Ratings) April 9, 2018--S&P Global Ratings today said it assigned its 'B-' long-term

...+ In our view, MIK HFC will likely maintain its strong market position as the only authorized issuer of residential mortgage-backed securities in Mongolia. + We also expect the group to sustain an adequate capital buffer for business growth despite its concentrated portfolio in mortgages, and increasing credit risks due to its plan to expand into purchasing mortgage assets from commercial banks. + We are assigning our 'B-' long-term and 'B' short-term issuer credit ratings to MIK HFC. We are also assigning our 'B-' rating to its proposed senior unsecured notes. + The stable outlook on MIK HFC reflects the outlook on the sovereign rating on Mongolia. HONG KONG (S&P Global Ratings) April 9, 2018--S&P Global Ratings today said it assigned its 'B-' long-term and 'B' short-term local and foreign currency issuer credit ratings to Mongolian Mortgage Corp. HFC LLC (MIK HFC), a Mongolia-based nonbank financial institution. The long-term outlook is stable. At the same time, we also assigned our 'B-'...

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