Moody's rates Mongolian Mining, notes B1

Moody's Investors Service said it assigned a first-time B1 corporate family rating to Mongolian Mining Corp., along with a provisional B1 rating to its proposed five-year senior notes.

The notes will be issued by Mongolian Mining and unconditionally guaranteed by Energy Resources LLC and certain other subsidiaries.

The outlook is stable.

The proceeds will be used for capital investments and general corporate purposes.

The provisional status of the notes will be removed once the issuance is completed.

The ratings reflect its status as the largest integrated coking coal mining company in Mongolia, its competitive cost position and its first-mover advantage over its domestic coal peers, the agency said.

Its low production costs, price advantages and proximity to China also give it an edge over seaborne competitors, Moody's said.

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