S&P assigns Mongolia notes B

S&P said it assigned its B long-term foreign currency rating to the proposed benchmark-sized dollar-denominated senior unsecured notes issued by Mongolia.

The notes rank equally with Mongolia’s other unsecured and unsubordinated debt, S&P said.

“The government of Mongolia will issue the notes as part of a liability management exercise. Concurrently, Mongolia has announced a cash tender offer of its U.S. dollar-denominated bonds due in 2021 and 2022, which the government intends to fund with proceeds from the proposed bond issuance,” S&P said in a press release.

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