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Bond Market News
Mongolia Upgraded to B+ by Fitch
September 20, 2024
Mongolia has been upgraded by a notch to B+ from B by Fitch. The upgrade follows reduction in Mongolia’s public and external debt burdens, driven by continued strong performance of the country’s mining sector. According to Fitch, larger foreign exchange reserves, lower debt and more manageable external debt maturities have strengthened Mongolia’s ability to withstand shocks, such as a correction in commodity markets. Fitch forecasts a balanced government budget in 2024, and a fiscal deficit at 3% of GDP in 2025-2026, from a surplus of ~ 3% of GDP in 2023, as government spending catches up with strong mining revenue.
Its dollar bonds traded stable with its 5.125% 2026s at 98.1, yielding 6.43%
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