China Provinces Aim for 2025 Growth with Higher Debt and Central Supports

ЗЭЭЛЖИХ ЗЭРЭГЛЭЛ: ОЛОН УЛСЫН САНХҮҮГИЙН ЗАХ ЗЭЭЛИЙН ИТГЭЛЦЛИЙН АРХИТЕКТУР

ЗЭЭЛЖИХ ЗЭРЭГЛЭЛ: ТА ХААНА ХӨРӨНГӨ ОРУУЛАХАА ШИЙДЭЖ ЧАДАХГҮЙ БАЙНА УУ?

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Ratings & Services

Service Overview Although most corporate bond issuances on Mongolia&rsquo;s OTC Market still rely on collateral, there&rsquo;s a growing trend toward raising capital through unsecured (rated) bonds. In 2024, 93 entities collectively issued around MNT 1.7 trillion in bonds, reflecting a vibrant funding environment. An unsecured bond rating assesses a company&rsquo;s ability to meet its obligations without asset backing, offering a clear picture of default risk for investors and potentially more flexible financing for issuers.

Service Overview A corporate rating provides a holistic opinion on a company&rsquo;s long‐ or short‐term capacity to meet its financial obligations. This goes beyond a single debt instrument, encompassing factors like financial strength, strategic positioning, and governance practices. Clear, comprehensive corporate ratings help firms secure financing on favorable terms and give investors valuable insights into overall business performance.
Why MNRating for Corporate Ratings?
&bull; &nbsp; &nbsp;Insightful Analysis: We go beyond surface‐level metrics, examining the firm&rsquo;s long‐term strategy, market positioning, and governance. &bull; &nbsp; &nbsp;Bridge to Capital: A positive rating from MNRating can enhance credibility with both local and global funding sources, whether collateralized or unsecured. &bull; &nbsp; &nbsp;Transparent Methodology: We adhere to recognized industry standards, ensuring impartial, high‐quality assessments that investors trust.

What It Is: A Non‐Bank Financial Institution (NBFI) Rating focuses on the unique operational and regulatory environment of these entities&mdash;ranging from microfinance institutions to specialized lenders. Market Context: &bull; &nbsp; &nbsp;Since the inception of the M-OTC Market in 2021, NBFIs have become active participants. In 2024, 46 NBFIs account for 28% of the MNT 1.7 trillion raised&mdash;amounting to around MNT 475 million (source: MASD). &bull; &nbsp; &nbsp;This momentum underscores alternative lending&rsquo;s role in boosting financial access in Mongolia. Why It Matters: &bull; &nbsp; &nbsp;For NBFIs: A recognized rating builds market confidence, enabling them to diversify funding beyond traditional channels. &bull; &nbsp; &nbsp;For Investors: It reveals operational stability, capital adequacy, and risk management at institutions often perceived as higher risk.
 Why MNRating for NBFIs? &bull; &nbsp; &nbsp;Specialized Understanding: We&rsquo;ve studied the nuances of microfinance, fintech, and other NBFI segments to provide tailored risk assessments. &bull; &nbsp; &nbsp;Regulatory Alignment: Our ratings align with both Mongolian regulations and global norms, helping NBFIs meet compliance standards and attract a broader investor base. &bull; &nbsp; &nbsp;Market Credibility: A well‐structured NBFI rating fosters trust among investors seeking alternative lending models, fueling inclusive financial growth in Mongolia.

Service Overview
Our ESG rating measures an organization&rsquo;s management of Environmental, Social, and Governance issues, guided primarily by ICMA principles. As ESG factors become increasingly important to both local and global investors, showcasing responsible practices can help differentiate issuers and align them with international sustainability standards.
Why It Matters:
&bull; &nbsp; &nbsp;For Issuers: Aligning with ICMA principles and demonstrating responsible practices can attract both local and global investors who prioritize sustainability. &bull; &nbsp; &nbsp;For Investors: Provides an independent evaluation of a company&rsquo;s long‐term resilience, ethical impact, and adherence to global ESG standards.
Why MNRating for ESG Ratings?
&bull; &nbsp; &nbsp;Focused on Global Standards: We base our assessments on recognized frameworks (ICMA), ensuring credibility and comparability in the international arena. &bull; &nbsp; &nbsp;Customized Local Insights: We understand Mongolia&rsquo;s specific environmental and social context, enabling practical guidance and realistic improvement plans. &bull; &nbsp; &nbsp;Transparent Feedback: Our detailed ESG evaluations identify strengths and highlight opportunities for enhancement, guiding issuers toward long‐term, responsible growth.

Service Overview
Beyond our ratings, MNRating offers strategic advisory to help entities navigate Mongolia&rsquo;s dynamic capital market. Whether preparing for unsecured bond issuance, optimizing corporate structures, or enhancing governance, our expert guidance combines local insight with global best practices to foster sustainable, transparent growth.
Why It Matters:
&bull; &nbsp; &nbsp;For Clients: Expert advice can streamline the issuance process, clarify regulatory requirements, and support long‐term organizational growth. &bull; &nbsp; &nbsp;For the Market: Well‐structured, transparent issuers enrich the financial ecosystem, driving Mongolia closer to a fully market‐driven and sustainably financed future.
Why MNRating for Advisory?
Integrated Expertise: We unify rating methodologies, market intelligence, and regulatory know‐how to offer end‐to‐end solutions.
Tailored Roadmaps: Our recommendations are based on each client&rsquo;s unique goals, covering everything from initial credit readiness to ongoing compliance with evolving market standards.
Future‐Focused Support: By strengthening governance and exploring innovative funding avenues, we help businesses adapt to Mongolia&rsquo;s increasing emphasis on market‐driven, responsible investment.

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What They Are? An ESG Bond integrates Environmental, Social, and Governance considerations into its core financing framework. Instead of purely focusing on financial returns, ESG bonds allocate capital toward projects that directly benefit the environment and society, while upholding robust governance standards.
Global Trend &bull; &nbsp; &nbsp;Rapid Growth: Over the past decade, ESG bonds have surged worldwide as investors increasingly demand ethically and sustainably oriented opportunities. &bull; &nbsp; &nbsp;Diverse Sectors: ESG financing now appears in renewable energy, transportation, healthcare, education, and more, proving that multiple sectors can access responsible capital.
How Mongolia Fits In &bull; &nbsp; &nbsp;Early-Stage but Emerging: While Mongolia&rsquo;s ESG bond market is in its infancy, interest is growing among commercial banks and international development partners to fund cleaner energy, energy-efficient buildings, and socially impactful community projects. &bull; &nbsp; &nbsp;Potential Catalyst: By aligning with international ESG principles&mdash;primarily ICMA&rsquo;s guidelines&mdash;Mongolian issuers can attract a broader pool of global investors, thereby accelerating the country&rsquo;s sustainable economic transition.

Contact us

Welcome to National Rating. I am proud to be part of Mongolia&rsquo;s ongoing transformation from collateral‐reliant financing into a vibrant, globally aligned capital market. As head of the OTC Market development working group, I helped introduce pivotal regulations that allow issuers to raise corporate debt through credit ratings&mdash;a decisive shift that has since facilitated over MNT 4 trillion in corporate bond registrations.
Building on that foundation, we provide rigorous, forward‐looking rating solutions rooted in international best practices. By reducing collateral requirements and expanding access to capital, we help foster responsible, sustainable growth for both issuers and investors. Guided by our deep market insights and highly skilled team, we aim to elevate Mongolia&rsquo;s financial standards and serve as a catalyst in our country&rsquo;s journey toward developed‐nation status.
We invite all partners who share our vision to join us in shaping a stronger, more inclusive capital market. Together, we can unlock new possibilities and drive Mongolia&rsquo;s continued success on the global stage.

MNRating LLC is a Mongolian credit rating agency, registered by the Financial Regulatory Commission, that delivers objective, data‐driven analyses for a wide range of financial instruments&mdash;covering corporate bonds, unsecured bonds, and non‐bank financial institutions. We also provide specialized ESG rating services, guided primarily by ICMA principles, enabling companies to demonstrate responsible business practices that appeal to today&rsquo;s investors.
Our thorough rating evaluations help issuers reduce reliance on collateral and expand access to capital, while providing investors with clear, consistent metrics to better assess risk and opportunity. By combining international best practices with deep local insights, MNRating LLC champions a more transparent and sustainable financial market for all participants.

To lead Mongolia&rsquo;s transition from collateral-reliant financing to a vibrant capital market&mdash;integrating innovative technologies to pioneer sustainable practices through transformative rating solutions aligned with international best practices, ultimately fostering responsible, resilient, and enduring economic growth.

A sustainability bond blends both environmental and social objectives, making it highly relevant for Mongolia as the country seeks to balance economic growth with ecological preservation and community development. By financing dual-impact projects&mdash;like green housing initiatives in rural regions&mdash;issuers can address multiple national priorities at once.
What Sustainability Bonds Finance
&bull; &nbsp; &nbsp;Eco-Friendly Social Projects: For instance, energy-efficient schools or hospitals that reduce carbon footprints while improving public services. &bull; &nbsp; &nbsp;Holistic Infrastructure: Integrated systems that tackle waste management, water purification, or agribusiness enhancements benefiting both the environment and local livelihoods.
How It Helps Your Company &bull; &nbsp; &nbsp;Comprehensive ESG Positioning: Sustainability bonds showcase commitment to a full range of responsible practices, appealing to diverse investors. &bull; &nbsp; &nbsp;Long-Term Resilience: By tackling both environmental and social issues, your projects can reduce risk and build stakeholder trust over time.
MNRating&rsquo;s Role &bull; &nbsp; &nbsp;Dual-Principle Verification: We ensure compliance with both green and social bond guidelines, confirming that the proceeds effectively address both areas. &bull; &nbsp; &nbsp;Consolidated Reporting: Given the complexity of dual-impact projects, our ratings and advisory clarify each outcome, reinforcing credibility among stakeholders.

A Social Bond supports positive social outcomes, such as affordable housing, healthcare access, education initiatives, or economic empowerment programs. Its proceeds are invested in projects designed to uplift communities, address inequality, or expand critical social services.
How MNRating Assesses Social Bonds
Targeted Impact: We review the use of proceeds to confirm alignment with ICMA&rsquo;s Social Bond Principles&mdash;ensuring funds address clear social objectives. Monitoring: We evaluate the tracking and reporting framework to verify how effectively funds are deployed and measure real-world social benefits (e.g., number of beneficiaries, educational improvements, healthcare outcomes). Issuer Credibility: We consider the issuer&rsquo;s commitment to transparency and stakeholder engagement, vital for building trust with socially driven investors.

What They Finance Green Bonds direct capital toward environmentally beneficial projects, including renewable power, energy-efficient infrastructure, or clean water initiatives.
How Entities in Mongolia Can Utilize Green Bonds
Renewable Energy Projects: Solar, wind, or hybrid systems that address Mongolia&rsquo;s extreme climate challenges and reduce reliance on fossil fuels. Green Building Upgrades: Improving insulation, HVAC systems, or other efficiency measures in residential and commercial structures, which helps reduce pollution and energy consumption. Waste Management &amp; Recycling: Financing the creation or expansion of modern facilities that manage waste more sustainably and cut emissions. Benefits &amp; Rationale
Investor Attraction: Going green can open doors to capital from environmentally focused funds and global institutions that prioritize climate action. Positive Brand Image: Issuers that showcase eco-friendly commitments can enhance trust among regulators, local communities, and customers. Compliance with International Standards: Following recognized ICMA Green Bond Principles fosters transparency on how bond proceeds are spent and measured, thereby reducing investment risk.

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