Fitch changes three Mongolian banks to positive

Fitch Ratings said it revised the outlooks on the long-term issuer default ratings of Mongolia-based Khan Bank LLC, XacBank LLC and State Bank LLC to positive from stable.

The banks' long-term issuer default ratings were affirmed at B- and their viability ratings at b-.

The action follows the agency’s periodic review of the Mongolian banks and the Mongolian sovereign.

“Our 2018 outlook on the banking system is revised to Stable from Negative. There are signs of cyclical economic improvement, although challenges remain and the asset-quality review (AQR) has yet to be concluded. Fitch has raised its 2018 GDP forecast to 4.5%, from 3.5%, against its expected GDP of 4.2% for 2017,” the agency said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.