We believe Trade and Development Bank JSC (TDB) will maintain moderate risk-adjusted capitalization over the next 12-18 months backed by its controlled growth appetite and sound profits. A significant deterioration in TDB's asset quality is unlikely considering the bank's tightened risk management. We revised our rating outlook on TDB to positive from stable. At the same time, we affirmed our 'B+' long-term and 'B' short-term issuer credit ratings on the Mongolia-based bank. The positive outlook reflects our expectation that TDB will benefit from improving regulatory supervision in Mongolia, reducing overall risk for the banking system over the next 12-18 months. On Oct. 31, 2025, S&P Global Ratings revised its outlook on long-term issuer credit rating on TDB to positive from
