On Oct. 4, 2024, we raised our sovereign credit rating on Mongolia to 'B+' from 'B'. Development Bank of Mongolia LLC (DBM) is the only fully government-owned policy bank in Mongolia that executes development and export-import bank functions. We therefore equalize the ratings on the bank with those on the sovereign. We raised our long-term issuer credit rating on DBM to 'B+' from 'B'. The positive rating outlook on DBM reflects that on Mongolia. On Oct. 4, 2024, S&P Global Ratings raised its long-term issuer credit rating on Development Bank of Mongolia LLC (DBM) to 'B+' from 'B'. The rating outlook is positive. At the same time, we affirmed our 'B' short-term issuer credit rating on the Mongolia-based policy bank.
