B. Batbayar,
director general of the financial and economic policy department of Mongolia,
has said the Government scaled back its plans for global bond sales this year,
after Europe’s debt crisis drove up borrowing costs. The Government still plans
to raise USD500 million from bonds this year and the remainder of its USD1.2
billion program according to market conditions. .

 “The Greek and European countries’ sovereign
debt crisis has some impact on us,” MP O. Chuluunbat told the Frontier
Securities Mongolia Capital Raising Conference. “We will have to go for higher
rates if we go global.”

Mongolia is
rated B1 by Moody’s Investors Service, four levels below investment grade and
on par with Fiji and Papua New Guinea. Standard & Poor’s rates the nation
BB-, the third- highest non-investment ranking.