Good market position in Mongolia's banking industry Adequate funding and liquidity Concentrated exposure to the real estate, construction, and mining sectors High proportion of foreign-currency lending The stable outlook on Trade and Development Bank of Mongolia LLC (TDB) reflects our view that the bank is likely to maintain its solid market position in Mongolia and current capitalization over the next 12-24 months. It also reflects the outlook on the sovereign credit rating on Mongolia (B/Stable/B). We could lower the ratings on TDB if the bank's capitalization weakens such that the risk-adjusted capital (RAC) ratio sustainably falls below 2%. We could also downgrade TDB if we lower the sovereign rating on Mongolia because the rating on the bank is constrained by
