Introduction

Welcome to National Rating. I am proud to be part of Mongolia’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—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’s financial standards and serve as a catalyst in our country’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’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—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’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.