Moody's Ratings has upgraded the government of Mongolia's long-term issuer and senior unsecured ratings to B2 with a stable outlook, marking a significant improvement for the country's credit standing, the country's Finance Minister Bold Javkhlan said on Monday, citing the agency's statement.
"Today is a day of good news. The international credit rating agency Moody's has upgraded our country's long-term issuer rating to B2 with a stable outlook, the first improvement in nine years," said Javkhlan.
The sovereign rating upgrade reflects Mongolia’s rising mineral revenues, improved debt management, and strengthened fiscal discipline, which have contributed to the sovereign’s credit profile.
According to the agency, this upgrade reflects Mongolia's significant progress in reducing its debt burden through fiscal consolidation, along with improvements in external liquidity and macroeconomic resilience.
This positive development follows similar upgrades by other major credit rating agencies.
In September, Fitch Ratings raised Mongolia's long-term foreign-currency issuer default rating from B to B+, maintaining a stable outlook.
Meanwhile, Standard & Poor's (S&P) last month upgraded the country's long-term foreign and local currency sovereign credit ratings from B to B+ and assigned a positive outlook.
