On Nov. 9, 2018, we raised the sovereign rating on Mongolia to 'B' from 'B-'. As a result, we are raising our long-term issuer credit rating on DBM to 'B' from 'B-'. We equalize the rating on DBM with the sovereign rating on Mongolia because we expect the bank to remain a GRE with an almost certain likelihood of receiving government support. The stable outlook reflects the rating outlook on Mongolia. On Nov. 12, 2018, S&P Global Ratings raised its long-term issuer credit rating on the Development Bank of Mongolia (DBM) to 'B' from 'B-'. The outlook is stable. We also affirmed our 'B' short-term rating on DBM. We raised the long-term issuer credit rating on DBM following a similar
