Moody's Assigns Ratings to Tdb's Mtn Programme Notes

(Source: Info-Prod Research (Middle East))trackingMoody's Investors Service has assigned a Ba3 rating to senior unsecured notes drawn under the USD300 million foreign currency Euro Medium Term Note (EMTN) programme of the Trade and Development Bank of Mongolia LLC (TDB). The outlook is negative. "The rating and outlook on the senior unsecured notes are the same as the EMTN program's and the bank's current foreign currency issuer ratings. The negative outlook was placed in September, 2009," says Yvonne Zhang, a Moody's Vice President and Senior Analyst. The senior notes represent direct, unconditional, unsecured, and unsubordinated obligations of TDB; and will help diversify the bank's funding sources and support future loan growth. TDB's long-term foreign and local currency debt and issuer ratings are Ba3; its long-term local currency deposit ratings, Ba3; its long-term foreign currency deposit ratings, B2; its short-term ratings, NP; and its bank financial strength rating, D-. The outlook for these ratings is negative, except for the foreign currency deposits rating, which has a stable outlook. Moody's last rating action on TDB was taken on November 12, 2009, when the outlook on its B2 long-term foreign currency deposits rating was changed to stable from negative. TDB is headquartered in Ulaanbaatar, Mongolia

It reported total assets of MNT806 billion (approximately USD558 million) as of December 2009.

Originally published by Info-Prod Strategic Business Information.

(c) 2010 Info-Prod Research (Middle East). Provided by ProQuest LLC. All rights Reserved.

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