S&P rates Mongolia notes B-

S&P said it assigned a B- long-term foreign-currency issue rating to Mongolia's issuance of benchmark-size dollar-denominated notes.

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

The sovereign credit ratings on Mongolia reflect the ongoing challenges to the country's fiscal performance and growth prospects, the agency said.

While Mongolia's fiscal deficits are stabilizing, they remain considerable, reflecting shortfalls in revenues, elevated spending levels and an inclusion of commercial spending by the Development Bank of Mongolia in the general government's accounts, S&P said.

As such, Mongolia's debt will remain high over the 2017 through 2020 period, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.