Ulaanbaatar
Mongolia's Credit Rating Upgraded to "B+ Stable"
Economy
Ulaanbaatar, September 19, 2024 /MONTSAME/ After a decade, Fitch Ratings has upgraded Mongolia's credit rating to "B+ with a stable outlook," indicating improved economic conditions.
This upgrade suggests that Mongolia’s economic performance is approaching levels last seen in 2012. Prime Minister Oyun-Erdene Luvsannamsrai highlighted that this positive development will boost the implementation of 14 mega-projects announced by the Government. A higher credit rating not only helps lower interest rates but also restores investor confidence in the country.
According to the report made by Fitch Ratings, Mongolia has implemented sound debt management policies, reducing its external debt burden while steadily increasing foreign currency reserves in recent years. Additionally, the economic growth and joint governance signal political stability in Mongolia and the continuance of government policies, contributing to the upgraded rating.
Fitch Ratings, headquartered in the United States, is a globally recognized credit rating agency.
