Research Update: Mongolian Mortgage Corp. HFC 'B/B' Ratings Affirmed With Stable Outlook; Proposed Senior Unsecured Notes Rated 'B'

We expect MIK to continue to earn a satisfactory margin in its liquidity-provider mortgage loan business while managing underlying credit risk over the next 12 months. We are affirming our 'B/B' long-term and short-term issuer credit ratings on MIK, a Mongolia-based mortgage-backed securities provider. At the same time, we are assigning our 'B' long-term issue rating to a proposed issue of U.S.-dollar-denominated senior unsecured notes by MIK. The stable outlook mainly reflects our view that MIK's capitalization will steadily improve to an adequate level over the next one to two years. On Jan. 18, 2021, S&P Global Ratings affirmed its 'B' long term issuer credit rating on Mongolian Mortgage Corp. HFC LLC (MIK). The outlook is stable. Additionally, we affirmed

...- We expect MIK to continue to earn a satisfactory margin in its liquidity-provider mortgage loan business while managing underlying credit risk over the next 12 months. - We are affirming our 'B/B' long-term and short-term issuer credit ratings on MIK, a Mongolia-based mortgage-backed securities provider. - At the same time, we are assigning our 'B' long-term issue rating to a proposed issue of U.S.-dollar-denominated senior unsecured notes by MIK. - The stable outlook mainly reflects our view that MIK's capitalization will steadily improve to an adequate level over the next one to two years....

Research Update