Moody's cuts Mongolian banks

Moody's Investors Service said it downgraded the foreign currency long-term senior unsecured debt ratings of four Mongolian banks to B1 from Ba3.

The banks are Golomt Bank, Khan Bank, Trade and Development Bank of Mongolia and XacBank.

The outlook is stable.

Moody's said the action follows the revision of the banks' standalone bank financial strength ratings to E+ from D-, which now map to a baseline credit assessment of B1 on the long-term scale.

This downgrade took place in the context of an ongoing global review affecting all banks whose standalone ratings are higher than the rating of the government of the country in which they are domiciled, the agency said.

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