Improving credit risk in Mongolia's economy and increasing governance and transparency in its banking industry may lift the stand-alone credit profile of TDB. We are affirming our 'B-' long-term and 'B' short-term issuer credit ratings on TDB. We are also affirming our 'B-' long-term issue rating on the senior unsecured notes TDB issued. The stable outlook on the long-term rating reflects the outlook on the sovereign credit rating on Mongolia and the limited scope for TDB to be rated above the sovereign. On June 26, 2018, S&P Global Ratings affirmed its 'B-' long-term and 'B' short-term issuer credit rating on Trade and Development Bank of Mongolia LLC (TDB). The outlook remains stable. At the same time, we affirmed our 'B-'
