On Aug. 19, 2016, we lowered our long-term sovereign credit rating on Mongolia to 'B-' from 'B'. We are lowering our long-term issuer credit rating on DBM to 'B-' from 'B' following the action on the sovereign. We equalize the ratings on DBM with that on the sovereign because we expect the bank to remain a GRE with an almost certain likelihood of receiving government support. The stable outlook on DBM mirrors that on the sovereign rating on Mongolia and reflects our view that DBM will maintain its current GRE status in the next one to two years. The ratings on DBM will move in tandem with the sovereign ratings. On Aug. 22, 2016, S&P Global Ratings lowered its long-term
