Moody’s reviews Development Bank of Mongolia

Moody's Investors Service said it placed the Caa1 issuer and senior unsecured debt ratings of the Development Bank of Mongolia LLC on review for downgrade and affirmed its baseline credit assessment at ca.

The actions follow Moody's Feb. 15 review for downgrade of Mongolia's sovereign ratings.

Moody’s said the review for downgrade is driven by the bank’s strong linkages with the Mongolian government – as reflected by the government's direct ownership in the bank, its clear public policy mandate and the presence of an irrevocable government guarantee on Development Bank of Mongolia’s $580 million bonds – and follows the review for downgrade of Mongolia's sovereign rating of Caa1.

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