Fitch cuts Mongolia view to stable

Fitch Ratings said it revised the outlook on Mongolia's long-term foreign- and local-currency issuer default ratings to stable from positive, while affirming both ratings at B+. The agency also said it affirmed the country's short-term foreign-currency issuer default rating at B and the country ceiling at B+.

The changes are based on Mongolia's deteriorating current account balance and an ongoing acceleration in inflation, Fitch said.

More serious erosion in the current account balance could undermine Mongolia's external financial position, while the high rate of inflation could pose risks to the country's overall economic stability, the agency said.

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