Fitch rates Mongolia notes B+

Fitch Ratings said it assigned an expected B+ rating to the government of Mongolia's planned medium-term note program, along with an expected B+ rating to the forthcoming issue of dollar-denominated notes under the program.

The expected ratings are in line with Mongolia's long-term foreign-currency issuer default rating of B+. The sovereign also has a long-term local-currency issuer default rating of B+.

The outlook is stable.

The proceeds will be used mainly to fund infrastructure investment and other industrial projects, Fitch said.

Mongolia emerged from a banking crisis and International Monetary Fund-supported adjustment program in 2009 to 2010 with a framework for strengthened economic and macro-prudential policies, the agency said.

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