S&P dips Golomt Bank to stable

Standard & Poor's said it revised the outlook on its long-term issuer credit rating on Golomt Bank of Mongolia to stable from positive.

The agency also said it affirmed the B+ long-term and B short-term issuer credit ratings on the bank.

S&P said it revised the outlook after similarly revising the outlook on the sovereign credit rating on Mongolia.

The outlook revision reflects that there is a diminishing likelihood that the creditworthiness of Golomt Bank could benefit from extraordinary support from the Mongolian government over the next 12 months, the agency said.

This is because the bank's stand-alone credit profile of B+ is very close to the local-currency rating on the Mongolian government despite the bank's high systemic importance and an assessment of the government of Mongolia as highly supportive of the country's banking sector, S&P said.

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