Fitch affirms Mongolia

Fitch Ratings said it affirmed Mongolia's long-term foreign- and local-currency issuer default ratings at B, along with its country ceiling and short-term foreign-currency issuer default rating at B.

The outlook was revised to stable from negative.

The revision is based on the stabilization of Mongolia's sovereign credit fundamentals, particularly since the Intermonetary Fund Program was approved in April 2009, Fitch said, and new external borrowing agreements were reached with multilateral and bilateral entities.

The country's foreign-exchange reserves have been rebuilding and the government has become more disciplined in fiscal management, the agency said.

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