We consider DBM to be a GRE with an "almost certain" likelihood of receiving support from the Mongolian government. We therefore equalize the ratings on DBM with the sovereign credit ratings on Mongolia. We are assigning our 'B+' long-term and 'B' short-term issuer credit ratings to the Mongolia-based bank. The negative outlook on the long-term rating reflects the outlook on the sovereign ratings on Mongolia. On June 22, 2015, Standard&Poor's Ratings Services assigned its 'B+' long-term and 'B' short-term issuer credit ratings to Development Bank of Mongolia (DBM). The outlook on the long-term rating is negative. The ratings on DBM reflect our view of an "almost certain" likelihood that the Mongolian government would provide timely and sufficient extraordinary
