1 SPECIALIZED HOUSING FINANCE BANK TO BE ESTABLISHED WWW.MONTSAME.MN PUBLISHED:2025/07/25      2 179 PATENTS GRANTED IN FIRST HALF OF 2025 WWW.MONTSAME.MN PUBLISHED:2025/07/25      3 TURNING MORTGAGE BORROWERS INTO CAPTIVE MARKET FOR ONLY 2 COMPANIES WWW.UBPOST.MN PUBLISHED:2025/07/25      4 MONGOLIA WELCOMES NEARLY 350,000 FOREIGN TOURISTS IN H1 WWW.XINHUANET.COM PUBLISHED:2025/07/25      5 MONGOLIA'S INDUSTRIAL OUTPUT SHRINKS 2.8 PCT IN 1ST HALF OF YEAR WWW.XINHUANET.COM PUBLISHED:2025/07/25      6 OFFICIAL AGREEMENT REACHED TO OPEN BUSAN PORT TO MONGOLIA WWW.AKIPRESS.COM PUBLISHED:2025/07/25      7 15TH EDITION OF SILK WAY RALLY CONCLUDES WWW.UBPOST.MN PUBLISHED:2025/07/25      8 PRESIDENT U.KHURELSUKH BEGINS STATE VISIT TO TAJIKISTAN WWW.GOGO.MN PUBLISHED:2025/07/24      9 MONGOLIA RENEWABLE ENERGY 2025: 5 ESSENTIAL STEPS FOR SUCCESS WWW.PVKNOWHOW.COM PUBLISHED:2025/07/24      10 MONGOLIAN BANKING SECTOR'S NET FOREIGN ASSETS DOWN 60.2 PCT IN JUNE WWW.XINHUANET.COM PUBLISHED:2025/07/24      ГАДААДЫН ИРГЭНИЙГ ХҮЛЭЭН АВАХ ИРГЭН, БАЙГУУЛЛАГА ДАРААХ БАРИМТ БИЧГИЙГ БҮРДҮҮЛНЭ WWW.GOGO.MN НИЙТЭЛСЭН:2025/07/25     ТУУЛЫН ХУРДНЫ ЗАМЫН ГАЗАР ЧӨЛӨӨЛӨЛТ ҮРГЭЛЖИЛЖ БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2025/07/25     БУРХАД ДАЙТАХ ЦАГААР: ЯПОНЫ ЭЗЭН ХААНЫ АЙЛЧЛАЛЫН ЭРГЭН ТОЙРОНД WWW.UNREAD.TODAY НИЙТЭЛСЭН:2025/07/25     COP17 БАГА ХУРАЛД ГАДААДЫН 7-10 МЯНГАН ЗОЧИН, ТӨЛӨӨЛӨГЧ ОРОЛЦОНО ГЭЖ ТӨЛӨВЛӨЖЭЭ WWW.ITOIM.MN НИЙТЭЛСЭН:2025/07/25     А.ЭНХТӨР: ДОРОЙТОЖ БУУРАЙТСАН Ч ЭРГЭЭД УЛСАА БАЙГУУЛЖ, ХӨГЖИЖ ИРСЭН ТҮҮХ БИЙ. "ЧИНГИСИЙН ДАЛАН" ТҮҮХИЙН ШИНЭ ЭРГЭЛТ АВЧИРНА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/07/25     МОНГОЛ УЛСЫН ЕРӨНХИЙЛӨГЧ УХНААГИЙН ХҮРЭЛСҮХИЙН БҮГД НАЙРАМДАХ ТАЖИКИСТАН УЛСАД ХИЙЖ БУЙ ТӨРИЙН АЙЛЧЛАЛ ҮРГЭЛЖИЛЖ БАЙНА WWW.NEWS.MN НИЙТЭЛСЭН:2025/07/25     УЛААНБУРХАН ӨВЧНИЙ НИЙТ БАТЛАГДСАН ТОХИОЛДОЛ 12925 БОЛЛОО WWW.EAGLE.MN НИЙТЭЛСЭН:2025/07/25     THE TIMES OF CENTRAL ASIA: МОНГОЛ УЛС ТӨВ АЗИЙН ОРНУУДТАЙ ХАРИЛЦААГАА ГҮНЗГИЙРҮҮЛЖ БАЙНА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/07/24     ТАЕКВОНДОГИЙН АЗИЙН АВАРГА ИРЭХ ОНД МОНГОЛД БОЛНО WWW.EAGLE.MN НИЙТЭЛСЭН:2025/07/24     ЯПОНЫ АЛДАРТ ДАСГАЛЖУУЛАГЧ КАЗҮХИТО САКАЙЯ МОНГОЛЫН ЧӨЛӨӨТ БӨХИЙН ҮНДЭСНИЙ ШИГШЭЭ БАГТ ЗӨВЛӨНӨ WWW.ITOIM.MN НИЙТЭЛСЭН:2025/07/24    

Fitch Assigns Mongolia's Proposed USD Bonds 'B+' Rating www.fitchratings.com

Fitch Ratings - Hong Kong - 11 Feb 2025: Fitch Ratings has assigned Mongolia's (B+/Stable) proposed US dollar bonds a 'B+' rating.
Key Rating Drivers
The rating is in line with Mongolia's 'B+' Long-Term Foreign-Currency Issuer Default Rating (IDR), which was upgraded with a Stable Outlook from 'B'/Stable on 18 September 2024.
The following ESG issues represent key rating drivers for the proposed bond; other key rating drivers can be found in the issuer rating action commentary dated 18 September 2024.
ESG - Governance: Mongolia has an ESG Relevance Score of '5[+]' for Political Stability and Rights and '5' for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. These scores reflect the high weight that the World Bank Governance Indicators have in our proprietary Sovereign Rating Model. Mongolia has a medium World Bank Governance Indicator ranking at the 46th percentile.
The rating on the bonds is sensitive to any changes in the Long-Term Foreign-Currency IDR, which has the following rating sensitivities (as per the aforementioned issuer rating action commentary).
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
- External Finances: Materialisation of significant external stress, potentially undermining external financing flows and leading to a decline in foreign reserves, for example as a result of a commodity shock amid expansionary domestic economic policies.
- Public Finances: Significant increase in the government debt/GDP ratio, for example from sustained budget deficits.
- Structural Features: Political instability and/or major policy shifts sufficient to significantly disrupt strategic mining projects or FDI inflows.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
- External Finances: Further reduction in external financing risks, for example through significant accumulation of foreign-currency reserves and reductions in net external debt, accompanied by prudent external debt management.
- Macroeconomic and Structural: Sustained strong economic growth without the emergence of imbalances, supported by a business environment conducive to robust FDI inflows.
- Public Finances: Implementation of prudent fiscal policies consistent with reductions in the government debt/GDP ratio.
Date of Relevant Committee
17 September 2024
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
ESG Considerations
The ESG profile is in line with that of Mongolia.
For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg.

 


Published Date:2025-02-11