S&P rates Mongolia notes B+

Standard & Poor’s said it assigned a B+ long-term issue rating to the Chinese renminbi-denominated global notes that Mongolia proposes to issue as part of its $5 billion global medium-term notes program.

The agency also said it assigned a cnBB- long-term Greater China regional scale rating to the proposed notes.

The notes will constitute direct, unconditional, unsubordinated and unsecured obligations of Mongolia, S&P said.

The proceeds will be used to refinance existing debt, the agency said.

The ratings reflect the country’s underdeveloped, resource-driven economy and its weak policy environment, S&P said.

The economy’s strong medium-term growth prospects and moderate general government debt temper these weaknesses, the agency said.

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