Sovereign Credit Ratings

Country	Moody's	S&P	Fitch	DBRS	Scope Ratings
Mongolia	B1 Stable	B+ Positive	B+ Stable	NR	NR

Latest Credit Changes

Country	Date of Change	Rating Agency	Previous Rating	Previous Outlook	Current Rating	Current Outlook
Mongolia	Oct 16, 2025	Moody's	B2	Stable	B1	Stable
Mongolia	Nov 18, 2024	Moody's	B3	Stable	B2	Stable
Mongolia	Oct 04, 2024	S&P	B	Stable	B+	Positive
Mongolia	Sep 18, 2024	Fitch	B	Stable	B+	Stable
Mongolia	Mar 16, 2021	Moody's	B3	Negative	B3	Stable
Mongolia	May 08, 2020	Moody's	B3	Stable	B3	Negative
Mongolia	Nov 09, 2018	S&P	B-	Stable	B	Stable
Mongolia	Jul 09, 2018	Fitch	B-	Positive	B	Stable
Mongolia	Jan 18, 2018	Moody's	Caa1	Stable	B3	Stable
Mongolia	Nov 17, 2017	Fitch	B-	Stable	B-	Positive
Mongolia	Mar 30, 2017	Moody's	Caa1	Negative Watch	Caa1	Stable
Mongolia	Feb 15, 2017	Moody's	Caa1	Stable	Caa1	Negative Watch
Mongolia	Nov 22, 2016	Fitch	B	Stable	B-	Stable
Mongolia	Nov 18, 2016	Moody's	B3	Negative Watch	Caa1	Stable
Mongolia	Aug 26, 2016	Moody's	B2	Negative	B3	Negative Watch
Mongolia	Aug 19, 2016	S&P	B	Stable	B-	Stable
Mongolia	Nov 24, 2015	Fitch	B+	Negative	B	Stable
Mongolia	Nov 03, 2015	S&P	B+	Negative	B	Stable
Mongolia	Apr 29, 2015	S&P	B+	Stable	B+	Negative
Mongolia	Jul 17, 2014	Moody's	B1	Negative	B2	Negative

Table Key

Grade	Moody's	S&P	Fitch	DBRS	Scope Ratings
Prime	Aaa	AAA	AAA	AAA	AAA
High Grade	Aa1	AA+	AA+	AA (high)	AA+
	Aa2	AA	AA	AA	AA
	Aa3	AA-	AA-	AA (low)	AA-
Upper Medium Grade	A1	A+	A+	A (high)	A+
	A2	A	A	A	A
	A3	A-	A-	A (low)	A-
Lower Medium Grade	Baa1	BBB+	BBB+	BBB (high)	BBB+
	Baa2	BBB	BBB	BBB	BBB
	Baa3	BBB-	BBB-	BBB (low)	BBB-
Non-investment Grade Speculative	Ba1	BB+	BB+	BB (high)	BB+
	Ba2	BB	BB	BB	BB
	Ba3	BB-	BB-	BB (low)	BB-
Highly Speculative Grade	B1	B+	B+	B (high)	B+
	B2	B	B	B	B
	B3	B-	B-	B (low)	B-
Substantial Risk Grade	Caa1	CCC+	CCC+	CCC
	Caa2	CCC	CCC	CCC	CCC
	Caa3	CCC-	CCC-	CCC
Extremely Speculative Grade	Ca	CC	CC	CCC	CC
Extremely Speculative Grade			C	CCC	C
In Default with Little Prospect for Recovery		CD	RD	RD
In Default		SD		SD
	C	D	D	D	D
			DD	DD
			DDD	DDD
Not Rated	NR	NR	NR	NR	NR

FAQ

What is a sovereign credit rating?

A sovereign credit rating is an independent assessment of a country's creditworthiness, issued by agencies like S&P, Moody's, Fitch, DBRS, and Scope. These long-term foreign-currency ratings shape borrowing costs and investor confidence, and changes often move currencies, bond yields, and equity markets.

Which agencies provide sovereign credit ratings?

The five largest agencies are S&P Global Ratings, Moody's Investors Service, Fitch Ratings, DBRS Morningstar, and Scope Ratings. They monitor financial, political, and economic conditions to publish updates.

What do outlooks mean in credit ratings?

A Positive outlook suggests a possible upgrade, Stable means no change is expected, and Negative signals a potential downgrade. Outlooks indicate the likely direction of a rating in the short to medium term and often shape market expectations.

How often are sovereign ratings updated?

There is no fixed timetable. Some agencies review ratings on set calendars, while others update after major financial, political, or economic events that could affect credit risk.

Where can I find historical sovereign ratings?

You can explore past ratings and outlook revisions on each country's dedicated page within the FXEmpire Credit Ratings Hub.

What is the difference between investment grade and speculative grade?

Investment grade (BBB-/Baa3 or higher) signals lower risk and wider investor access. Speculative grade (BB+/Ba1 or lower), also called high-yield or junk, carries higher risk and volatility but often comes with higher yields.