Mongolia Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
B1 Stable | B+ Positive | B+ Stable | NR | NR |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Oct 16, 2025 | Moody's | B2 | Stable | B1 | Stable | |
| Nov 18, 2024 | Moody's | B3 | Stable | B2 | Stable | |
| Oct 04, 2024 | S&P | B | Stable | B+ | Positive | |
| Sep 18, 2024 | Fitch | B | Stable | B+ | Stable | |
| Mar 16, 2021 | Moody's | B3 | Negative | B3 | Stable | |
| May 08, 2020 | Moody's | B3 | Stable | B3 | Negative | |
| Nov 09, 2018 | S&P | B- | Stable | B | Stable | |
| Jul 09, 2018 | Fitch | B- | Positive | B | Stable | |
| Jan 18, 2018 | Moody's | Caa1 | Stable | B3 | Stable | |
| Nov 17, 2017 | Fitch | B- | Stable | B- | Positive | |
| Mar 30, 2017 | Moody's | Caa1 | Negative Watch | Caa1 | Stable | |
| Feb 15, 2017 | Moody's | Caa1 | Stable | Caa1 | Negative Watch | |
| Nov 22, 2016 | Fitch | B | Stable | B- | Stable | |
| Nov 18, 2016 | Moody's | B3 | Negative Watch | Caa1 | Stable | |
| Aug 26, 2016 | Moody's | B2 | Negative | B3 | Negative Watch | |
| Aug 19, 2016 | S&P | B | Stable | B- | Stable | |
| Nov 24, 2015 | Fitch | B+ | Negative | B | Stable | |
| Nov 03, 2015 | S&P | B+ | Negative | B | Stable | |
| Apr 29, 2015 | S&P | B+ | Stable | B+ | Negative | |
| Jul 17, 2014 | Moody's | B1 | Negative | B2 | Negative |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CCC | CC |
C | CCC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Mongolia’s current credit rating?
Mongolia’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Mongolia’s credit risk.
Has Mongolia’s credit rating changed recently?
This page lists the latest rating and outlook actions for Mongolia, showing when each agency last reviewed or changed its assessment.
Why does Mongolia’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Mongolia's bond yields, currency, and equity flows as investors reassess risk.
How does Mongolia’s rating compare to other countries?
You can explore how Mongolia ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
Advertisement