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Rating Action:

Moody's takes negative rating actions on seven Mongolian banks following sovereign downgrade

21 Nov 2016

Hong Kong, November 21, 2016 -- Moody's Investors Service has downgraded the local currency long-term deposit ratings of seven Mongolian banks to Caa1 from B3, following the downgrade of Mongolia's sovereign rating to Caa1 from B3 with a stable outlook.

The seven banks are: Bogd Bank LLC; Capital Bank LLC; Golomt Bank LLC; Khan Bank LLC; State Bank LLC; Trade and Development Bank of Mongolia LLC; and XacBank LLC.

Moody's has also downgraded the foreign currency deposit ratings of the seven banks to Caa2 from Caa1, as it had revised Mongolia's long-term foreign currency deposit ceiling to Caa2 from Caa1.

The outlook for all banks is stable.

The rating actions follow Moody's downgrade of Mongolia's sovereign ratings to Caa1 from B3 with a stable outlook on 18 November 2016. Please see the related press release for more information on the sovereign downgrade here: http://www.moodys.com/viewresearchdoc.aspx?docid=PR_356806

Today's rating action concludes the review for downgrade initiated on 29 August 2016.

A full list of the affected ratings can be found at the bottom of this press release.

RATINGS RATIONALE

The rating action on the seven banks' ratings reflects the high correlation between the creditworthiness of the Mongolian banking system and that of the sovereign.

Moody's believes that there is high level of dependency between the creditworthiness of rated Mongolian banks and the sovereign mainly because of (1) the high extent to which the banks' businesses depend on macroeconomic and financial conditions in Mongolia, with the low level of cross-border diversification in their operations; and (2) their significant direct and indirect exposures to domestic sovereign debt relative to their capital bases.

The downgrade of the sovereign rating was driven by (1) the increased uncertainty over its ability to meet its direct and indirect debt service obligations over the next 18 months and to shore up Mongolia's external liquidity, and (2) Moody's expectation that the budget deficit will remain wider for longer than previously expected, which, combined with a weaker growth outlook in the coming 2 years, will raise the government's debt burden.

As a result of this rating action, (1) the seven banks' foreign currency deposit ratings have been downgraded to Mongolia's foreign currency deposit ceiling of Caa2; and (2) the local currency deposit ratings and senior unsecured debt ratings, where applicable, of the seven banks have been downgraded to the same level as Mongolia's sovereign rating.

In addition, Moody's has downgraded the Baseline Credit Assessments (BCAs) -- which reflect our opinion of a bank's intrinsic or standalone financial strength -- of Bogd Bank LLC; Golomt Bank LLC; Khan Bank LLC; State Bank LLC; Trade and Development Bank of Mongolia LLC; and XacBank LLC to caa1 from b3, in line with Mongolia's Caa1 sovereign rating. The BCA of Capital Bank LLC is affirmed at caa1.

What Could Change the Rating -- Up: Bogd Bank LLC; Capital Bank LLC; Golomt Bank LLC; Khan Bank LLC; State Bank LLC; Trade and Development Bank of Mongolia LLC; and XacBank LLC.

Because these banks' caa1 BCAs are at the same level as Mongolia's sovereign rating, an upgrade is unlikely in the near term.

An upgrade of the banks' BCAs would require an upgrade of the sovereign rating, as well as evidence that the banks' asset quality and profitability profiles, which are under pressure from the challenging operating environment, show signs of clear stabilization.

What Could Change the Rating - Down: Bogd Bank LLC; Capital Bank LLC; Golomt Bank LLC; Khan Bank LLC; State Bank LLC; Trade and Development Bank of Mongolia LLC; and XacBank LLC

Factors that could result in a downgrade include:

1) A downgrade of Mongolia's sovereign rating; or

2) A downgrade of the banks' BCAs

The banks' BCAs could be downgraded if: (1) asset quality deteriorates significantly, for example, with problem loans/gross loans exceeding 9.0% for a sustained period; (2) tangible common equity falls below 8%; or (3) profitability deteriorates significantly, leading to annual net losses on a sustained basis.

The resultant ratings and actions are listed below:

Issuer: Bogd Bank LLC

- Baseline Credit Assessment (BCA) downgraded to caa1 from b3

- Adjusted BCA, downgraded to caa1 from b3

- Long-term Counterparty Risk Assessment, downgraded to B3(cr) from B2(cr)

- Short-term Counterparty Risk Assessment affirmed at NP(cr)

- Local Currency (LC) Deposit Rating, downgraded to Caa1 Stable from B3 Rating under review

- Foreign Currency (FC) Deposit Rating, downgraded to Caa2 Stable from Caa1 Rating under review

- LC/FC Short-term Deposit Rating, affirmed at NP

The outlook is stable

Issuer: Capital Bank LLC

- BCA affirmed at caa1

- Adjusted BCA, affirmed at caa1

- Long-term Counterparty Risk Assessment, confirmed at B3(cr)

- Short-term Counterparty Risk Assessment affirmed at NP(cr)

- LC Deposit Rating, downgraded to Caa1 Stable from B3 Rating under review

- FC Deposit Rating, downgraded to Caa2 Stable from Caa1 Rating under review

- LC/FC Short-term Deposit Rating, affirmed at NP

The outlook is stable

Issuer: Golomt Bank LLC

- BCA downgraded to caa1 from b3

- Adjusted BCA, downgraded to caa1 from b3

- Long-term Counterparty Risk Assessment, downgraded to B3(cr) from B2(cr)

- Short-term Counterparty Risk Assessment affirmed at NP(cr)

- LC Deposit Rating, downgraded to Caa1 Stable from B3 Rating under review

- FC Deposit Rating, downgraded to Caa2 Stable from Caa1 Rating under review

The outlook is stable

Issuer: Khan Bank LLC

- BCA downgraded to caa1 from b3

- Adjusted BCA, downgraded to caa1 from b3

- Long-term Counterparty Risk Assessment, downgraded to B3(cr) from B2(cr)

- Short-term Counterparty Risk Assessment affirmed at NP(cr)

- LC Deposit Rating, downgraded to Caa1 Stable from B3 Rating under review

- FC Deposit Rating, downgraded to Caa2 Stable from Caa1 Rating under review

- LC/FC Issuer Rating, downgraded to Caa1 Stable from B3 Rating under review

- LC/FC Short-term Deposit Rating, affirmed at NP

The outlook is stable

Issuer: State Bank LLC

- BCA downgraded to caa1 from b3

- Adjusted BCA, downgraded to caa1 from b3

- Long-term Counterparty Risk Assessment, downgraded to B3(cr) from B2(cr)

- Short-term Counterparty Risk Assessment affirmed at NP(cr)

- LC Deposit Rating, downgraded to Caa1 Stable from B3 Rating under review

- FC Deposit Rating, downgraded to Caa2 Stable from Caa1 Rating under review

The outlook is stable

Issuer: Trade and Development Bank of Mongolia LLC

- BCA downgraded to caa1 from b3

- Adjusted BCA, downgraded to caa1 from b3

- Long-term Counterparty Risk Assessment, downgraded to B3(cr) from B2(cr)

- Short-term Counterparty Risk Assessment affirmed at NP(cr)

- LC Deposit Rating, downgraded to Caa1 Stable from B3 Rating under review

- FC Deposit Rating, downgraded to Caa2 Stable from Caa1 Rating under review

- LC/FC Short-term Deposit Rating, affirmed at NP

- LC/FC Issuer Rating, downgraded to Caa1 Stable from B3 Rating under review

- LC/FC Short-term Issuer Rating, affirmed at NP

- Backed Senior Unsecured, downgraded to Caa1 Stable from B3 Rating under review

- FC Senior Unsecured, downgraded to Caa1 Stable from B3 Rating under review

- FC Senior Unsecured MTN, downgraded to (P)Caa1 from (P)B3

The outlook is stable

Issuer: XacBank LLC

- BCA downgraded to caa1 from b3

- Adjusted BCA, downgraded to caa1 from b3

- Long-term Counterparty Risk Assessment, downgraded to B3(cr) from B2(cr)

- Short-term Counterparty Risk Assessment affirmed at NP(cr)

- LC Deposit Rating, downgraded to Caa1 Stable from B3 Rating under review

- FC Deposit Rating, downgraded to Caa2 Stable from Caa1 Rating under review

- LC/FC Issuer Rating, downgraded to Caa1 Stable from B3 Rating under review

- FC senior unsecured MTN, downgraded to (P)Caa1 from (P)B3

- LC/FC Short-term Deposit Rating, affirmed at NP

- LC/FC Short-term Issuer Rating, affirmed at NP

- Other Short-term Program, affirmed at (P)NP

The outlook is stable

The principal methodology used in these ratings was Banks published in January 2016. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

Hyun Hee Park
Asst Vice President - Analyst
Financial Institutions Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Graeme Knowd
MD - Banking
Financial Institutions Group
JOURNALISTS: 813-5408-4110
SUBSCRIBERS: 813-5408-4100

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

No Related Data.
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