Wednesday, July 16, 2014

Rating On Golomt Bank Of Mongolia Lowered To ‘B’, No Longer Suspended; Outlook Negative

We have received sufficient information from Mongolia-based Golomt to maintain surveillance, including the 2013 annual report. We expect Golomt’s loan quality to continue to deteriorate over the next 12 months. The ratings no longer benefit from extraordinary government support following the downgrade of the sovereign in April 2014, while the ratings on the bank were suspended. We are lowering our long-term issuer credit rating on Golomt to ‘B’ from ‘B+’. We are affirming the ‘B’ short-term issuer credit rating on the bank. The outlook is negative, which reflects our view that economic risks in Mongolia could increase over the next 12 months and pressure the ratings on the bank. HONG KONG (Standard&Poor’s) July 14, 2014–Standard&Poor’s Ratings

Brief Excerpt:

RESEARCH Ratings Definitions PDF Rating On Golomt Bank Of Mongolia Lowered To ‘B’, No Longer Suspended; Outlook Negative Publication date: 14-Jul-2014 Primary Credit Analyst: Joseph M Leung, Hong Kong 852-2533-3553; joseph.leung@standardandpoors.com…

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