On October 16, 2025, Moody's Ratings upgraded Mongolia's government issuer rating to B1 from B2 and changed the outlook to stable. The upgrade was attributed to expectations of more stable economic growth, ongoing reforms in governance, and improved institutional effectiveness. Moody's also raised Mongolia's local-currency country ceilings to Ba2 from Ba3 and the foreign-currency country ceiling to B1 from B2. The rating agency expects that Mongolia will be able to maintain market access at reasonable costs. No significant market reaction to this announcement has been reported.