Moody's ups Mongolia view to stable

Moody's Investors Service said it changed its outlook to stable from negative on Mongolia's B1 government bond ratings, as well as on its Ba2 and B2 foreign-currency bond and bank deposit ceilings.

The action was supported by the government's policy tightening, which has contributed to a shoring-up of the country's balance of payments, the containment of its burgeoning fiscal deficit and the elimination of nearly runaway inflation, Moody's said.

These actions were essential to bringing stability to an economy that has undergone a boom-bust cycle, the agency said, and which is characterized by weak fundamentals and insufficient institutional strengths.

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