Rating agency Fitch Ratings has raised the long-term foreign currency issuer default (IDR) rating of coal producer Mongolian Mining Corporation (MMC) from “B” to “B+” with the outlook stable.

The Fitch Ratings rating reflects the decrease in regulatory volatility in MMC's mining operations thanks to less political uncertainty after the parliamentary elections in June as well as Mongolia's greater ability to withstand shocks due to greater foreign exchange reserves, lower debt and more manageable external debt maturities compared to Fitch's previous forecasts. Border traffic after the Covid-19 pandemic reached around 900 trucks per day on average in 2023 and around 1,000 trucks per day in the first 9 months of 2024, exceeding the average of around 600 to 700 trucks per day on average before Covid-19. MMC also benefitted from a new mining commodity trading platform that expanded its client reach. Over 50% of revenue was made through the trading platform in the first 9 months of 2024.