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Bond Market News
Mongolia Upgraded to BB- by S&P
October 31, 2025
Mongolia was upgraded by a notch to BB- from B+ by S&P. The upgrade reflects Mongolia’s strong fiscal performance, including three consecutive years of budget surpluses that helped halve its net government debt-to-GDP ratio and lower interest costs. Revenues have risen sharply due to buoyant mining activity, while steady copper production, a rebound in agriculture, and resilient domestic demand continue to support growth despite softer coal prices. S&P expects Mongolia’s real GDP growth of around 5.5% annually through 2028, underpinned by large mining investments and infrastructure improvements. S&P projects net debt to fall below 30% of GDP, while concessional financing continues to limit borrowing costs. Overall, S&P expects Mongolia to maintain robust growth and fiscal stability despite political uncertainty and commodity dependence.
Mongolia’s bonds were marginally higher – for instance its 6.625% 2030s were up 0.2 points at 102.4, yielding 5.98%
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