Fitch cuts Mongolia

Fitch Ratings said it downgraded Mongolia's long-term foreign- and local-currency issuer default ratings to B from B+ and affirmed the short-term foreign-currency issuer default rating at B.

The outlook remains negative.

The downgrade is based on continued pressures on the country's external finances and ongoing problems with respect to economic policy continuity, Fitch said.

The agency believes the country will need to rely on external financing support from bilateral and/or multilateral sources.

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