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Development Bank of Mongolia Maintains a Stable Credit Rating www.montsame.mn
The Development Bank of Mongolia successfully paid off USD 500 million of Eurobonds and JPY 30 billion of 'Samurai' bonds on time, using its own resources. This serves as the foundation for maintaining the bank's credit rating assessed by an international credit rating agency.
Specifically, the international credit rating agency “Moody's” reported its decision to maintain the long-term credit rating of the Development Bank of Mongolia at the B3 (stable) level and elevate the bank's Baseline Credit Assessment from CAA2 to CAA1. This information was reported by the Development Bank of Mongolia.
"Moody's" agency had monitored the possible downgrade of the credit rating since October 2023, assessing potential performance risks associated with the repayment of two bonds that matured in the fourth quarter of 2023.
"Moody's" agency emphasized that the Development Bank of Mongolia, as a bank that implements the policies of the Government of Mongolia within the framework of its obligations under the law, has maintained a stable credit rating.
The International Agency's assessment has an important effect on attracting long-term and low-cost funds from the international market in the future as it ascertains that the Development Bank successfully implemented its obligations to international investors.
Published Date:2024-01-06
