Moody’s acts on eight Mongolian banks

Moody's Investors Service said it upgraded the long-term local currency deposit ratings of Bogd Bank LLC, Khan Bank LLC, State Bank LLC and XacBank LLC to B3 with stable outlooks from Caa1.

At the same time, the agency upgraded Development Bank of Mongolia LLC's long-term foreign currency issuer rating to B3 with a stable outlook from Caa1.

Moody's also placed the Caa1 long-term local currency deposit ratings of Golomt Bank LLC and Trade and Development Bank of Mongolia LLC under review for upgrade.

Furthermore, the agency affirmed Capital Bank LLC's long-term local currency deposit rating at Caa1 and revised the outlook to positive from stable.

Moody’s said the actions follow its Jan. 18 upgrade of Mongolia's sovereign rating.

The agency changed Mongolia's macro profile to "weak-" from "very weak +." The higher macro profile was driven by Moody's raising of Mongolia's "institutional strength" score to "low" from "low-" and "susceptibility to event risk" score to "high-" from "high+."

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