Moody’s: Trade and Development Bank of Mongolia program B3

Moody's Investors Service said it assigned a provisional B3 foreign currency senior unsecured rating to Trade and Development Bank of Mongolia LLC's $500 million global medium-term note program.

The outlook is negative.

The provisional B3 rating is in line with the bank’s b3 baseline credit assessment, which reflects: (a) Its vulnerability to asset quality deterioration, given its high loan concentration and portfolio of corporate loans; (b) strong profitability, owing to its solid franchise, with expertise in corporate banking and foreign exchange; and (c) potential challenges related to corporate governance that could arise from its narrow shareholding structure.

Offsetting these weaknesses is its solid market position as a leading lender in corporate banking; and diversified funding sources from both domestic depositors and foreign financial institutions, Moody’s said.

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