The note is part of a broadertechnical assistance program designed to assist the City ofUlaanbaatar (UB) to improve its financial management system,assess the quality of municipal services provision, andmobilize resources from the capital markets to fund urbaninfrastructure. The note reviews factors that may support orconstrain the rating, ultimately impacting the UB'screditworthiness. This assessment comprises of acomprehensive review of the city's economicfundamentals, institutional framework, fiscal performance,debt profile, and governance system. A key component of acredit rating comprises a review of the institutionalframework that governs the city's financial system.This includes evaluating the legal framework, regulations,and procedures. The review also elucidates thejurisdictional parameters across levels of governmentsregarding debt raising and financing, and evaluates theoverall quality of decision-making. As in a formal rating,the assessment also examines the operating environment,which is underlined by the sub-sovereign credit rating, andthe support range, or the sovereign guarantee available toUB, if any. The exercise aims to reveal capacity gaps andpotential areas for strengthening, as well as proposingconcrete steps to improve the city's creditworthiness.
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