Fitch assigns Mongolian Mining notes B

Fitch Ratings said it assigned B/RR4 ratings to Mongolian Mining Corp.’s planned dollar-denominated notes. MMC and its wholly owned subsidiary, Energy Resources LLC, will issue the notes that will be guaranteed by most of the operating subsidiaries.

The agency affirmed MMC’s B ratings on Feb. 21.

The proceeds will be used to fund a concurrent tender offer for liability management purposes and will be leverage neutral. “We expect successful issuance of the notes to alleviate the company's medium-term funding needs for its $350 million 2024 notes redemption,” Fitch said in a press release.

The outlook is negative.

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