...- We do not regard the bond exchange offer that Mongolian Mortgage Corp. HFC LLC (MIK) has proposed as distressed debt restructuring, given that investors will receive a higher value than promised under the original bonds, which will be due on Feb. 8, 2024. - We view the exchange offer as part of the company's liability management to facilitate the timely repayment of the maturing bonds, with adequate compensation for the existing bondholders who opt to exchange their notes. - We affirmed our 'B-' long-term and 'B' short-term issuer credit ratings on MIK. At the same time, we affirmed our 'B-' long-term foreign currency issue rating on MIK's outstanding senior unsecured notes due Feb. 8, 2024, and assigned our 'B-' long-term issue rating to U.S. dollar-denominated senior unsecured notes that the company proposes to issue. - The stable outlook on the long-term issuer credit rating reflects our view that MIK will benefit from a very high likelihood of government support if needed, and it...
