Fitch Ratings Upgrades Development Bank of Mongolia’s Credit Rating to "B+ Stable"

Ulaanbaatar, September 20, 2024 /MONTSAME/. International credit rating agency Fitch Ratings upgraded the long-term credit rating of the Development Bank of Mongolia to "B+ Stable."

Fitch Ratings raised Mongolia’s credit rating by one level to B+ (stable), aligning the Development Bank of Mongolia’s rating with the Government of Mongolia's credit rating. In its report, Fitch Ratings highlighted expectations that the Development Bank of Mongolia will expand its financing and improve governance as part of the newly established government’s policy to boost investments in export and import sectors.

In the medium term, Fitch expects the Development Bank to fund more projects and programs, driven by its improving asset quality, which contributed to the rating upgrade. This long-term credit rating upgrade to "B+ Stable" is considered the highest rating Mongolia has received in the past decade.

Fitch first updated the Development Bank’s evaluation on June 26, 2024, removing it from the B (Watch Negative) category and assigning it a "B Stable" rating. Three months later, the agency upgraded the rating further to B+. The "B+ stable" rating for Mongolia’s credit rating marks the country’s highest rating in the last 10 years.