Moody's: Mongolian Resources bonds B3

Moody's Investors Service said it assigned a B3 corporate family rating to Mongolian Resources Corp.

At the same time, Moody's assigned a provisional B3 rating to the proposed dollar-denominated bonds to be issued by the company.

The outlook is stable.

"Mongolian Resources' B3 corporate family rating reflects its competitive low costs for iron ore production - when compared to global levels - and its proximity to its consumers, iron and steel plants in Xinjiang and Gansu provinces in Western China," Moody's vice president and senior analyst Alan Gao said in a news release.

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