TEXT-Fitch rates Mongolia's planned MTN and upcoming bonds 'B+(EXP)' | Reuters: "Nov 21 - Fitch Ratings has assigned the Government of Mongolia's planned medium term note (MTN) programme an expected 'B+(EXP)' rating. The agency has also assigned a forthcoming issue of USD-denominated notes under the programme an expected 'B+(EXP)' rating. The final ratings are contingent on the receipt of final documentation conforming to information already received. The expected ratings are in line with Mongolia's Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'B+'. The sovereign's Long-Term Local-Currency IDR is also 'B+'. The rating Outlooks are Stable.
The proceeds of the expected note issuance will be used mainly to fund infrastructure investment and other industrial projects. When Fitch affirmed Mongolia's sovereign ratings at their present levels on 1 November 2012, the agency factored in an expectation of international sovereign debt issuance of benchmark size by end-2012."
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