Trade and Development Bank of Mongolia's Sovereign-Guaranteed MTN Program Upgraded To 'B+', Proposed Drawdown Rated 'B+'

HONG KONG (Standard&Poor's) April 30, 2015--Standard&Poor's Ratings Services today raised its long-term program rating on the global medium-term notes (MTN) program of Trade and Development Bank of Mongolia LLC (TDB: B/Negative/B) to 'B+' from 'B'. We affirmed the short-term rating on the program at 'B'. At the same time, we assigned our 'B+' long-term issue rating to the proposed U.S. dollar-denominated senior unsecured notes drawdown from the program. The issue ratings are subject to our review of the final issuance documentation. We raised the rating on the MTN program because the government of Mongolia (B+/Negative/B) now guarantees the program. We note that the size of the program has been reduced to US$500 million from US$1 billion.

...HONG KONG (Standard & Poor's) April 30, 2015--Standard & Poor's Ratings Services today raised its long-term program rating on the global medium-term notes (MTN) program of Trade and Development Bank of Mongolia LLC (TDB: B/Negative/B) to 'B+' from 'B'. We affirmed the short-term rating on the program at 'B'. At the same time, we assigned our 'B+' long-term issue rating to the proposed U.S. dollar-denominated senior unsecured notes drawdown from the program. The issue ratings are subject to our review of the final issuance documentation. We raised the rating on the MTN program because the government of Mongolia (B+/Negative/B) now guarantees the program. We note that the size of the program has been reduced to US$500 million from US$1 billion. We have equalized the ratings on the program and the proposed drawdown with the sovereign credit ratings on Mongolia. All payments related to the proposed notes under this drawdown will be unconditional and irrevocable obligations of the government...

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