Fitch downgrades Mongolia

Fitch Ratings said it downgraded Mongolia’s long-term foreign- and local-currency issuer default ratings to B from B+ and revised the outlooks to stable from negative.

The ratings on Mongolia’s senior unsecured foreign- and local-currency bonds also are downgraded to B from B+, along with the country ceiling to B from B+.

Mongolia’s short-term foreign-currency issuer default rating is affirmed at B.

The downgrade reflects Mongolia’s strained external liquidity, weak public finances, refinancing risks and deterioration in its 2015 to 2017 growth outlook, Fitch said.

These risks are balanced by recent improvements to its fiscal policy framework, favorable economic growth prospects and strong structural indicators, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.