Fitch Ratings upgrades Mongolia’s credit rating to ‘B’

The American Chamber of Commerce in Mongolia

2018-07-10 12:30 GMT+8

On July 9, Fitch Ratings upgraded Mongolia’s Long-Term Foreign Currency Issuer Default Rating (IDR) to "B" from "-B" with an outlook defined as "stable".

Key rating drivers were ongoing improvements to fiscal and external indicators and progress in meeting the IMF’s EFF program targets. As of May, government revenue rose by 26-percent year-over-year. At the same time, government expenditure saw a modest increase of 6 percent, in line with the 2018 budget target.

Fitch projects that the government debt to GDP ratio will fall to 75.3 percent by the end of 2018, down from 81.2 percent in 2017 and 91.4 percent in 2016. Fitch Ratings forecasts that Mongolia's real GDP growth will reach 5.2 percent in 2018 and 6.3 percent in 2019.​

 

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