ULAN BATOR, Oct. 4 (Xinhua) - The credit rating agency Standard & Poor's (S&P) has upgraded Mongolia's long-term foreign and local currency sovereign credit ratings from B to B+ and assigned a positive outlook, as reported by local media on Friday, citing the agency's statement.
S&P noted, "Mongolia has experienced a remarkable turnaround over the past 18 months, spurred by strong commodities exports. The country has significantly lifted its growth prospects. In our view, this indicates economic strength more compatible with a higher rating," the agency said.
The agency projects that Mongolia's economy will expand robustly by 6 percent in 2024, driven primarily by coal and copper exports, which are expected to boost government revenues.
Furthermore, S&P anticipates sustained export growth, which will enhance current account receipts and improve external metrics.
This upgrade follows a similar move by Fitch Ratings, which, in late September, raised Mongolia's long-term foreign-currency issuer default rating from 'B' to 'B+', while maintaining a stable outlook. ■
