We believe the capital buffers for Mongolian Mortgage Corp. HFC LLC (MIK) have weakened due to the recent expansion of its liquidity-provider business into commercial real estate mortgages. We are therefore revising down our assessment of the company's stand-alone credit profile (SACP) to 'b' from 'b+'. At the same time, we are affirming our 'B' long-term and 'B' short-term issuer credit ratings on MIK, and the 'B' long-term issue rating on the company's senior unsecured notes. 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, backed by solid recurring revenue streams and modest asset growth. On June 25, 2020, S&P Global Ratings affirmed its 'B'
