...HONG KONG (S&P Global Ratings) Jan. 11, 2019--S&P Global Ratings today assigned its 'B' long-term issue rating to a proposed issue of U.S. dollar-denominated senior unsecured notes by Mongolian Mortgage Corp. HFC LLC (MIK HFC; B/Stable/B). The rating on the notes is subject to our review of the final issuance documentation. The proposed notes will constitute direct, unsecured, and unsubordinated obligations of Mongolia-based MIK HFC. They shall at all times rank at least equally with all other unsecured and unsubordinated obligations of the company. MIK HFC intends to use most of the proceeds from the proposed notes to expand its business by purchasing mortgage pool receivables that commercial banks have underwritten for their own business purposes. The company has until now predominantly relied on originating pass-through securitizations related to a Mongolian government-initiated subsidized mortgage program. Nevertheless, after taking into account this new business, we still consider...
