ULAN BATOR, May 26 (Xinhua) -- The credit rating agency Fitch Ratings has affirmed Mongolia's long-term foreign-currency issuer default rating at "B" with a stable outlook, according to the agency's report released Tuesday.
Fitch said Mongolia's ratings are supported by governance and per capita income that is high relative to 'B' range peers, as well as its favorable medium-term growth outlook.
The ratings are constrained by Mongolia's narrow economic base, vulnerability to external shocks and recurring bouts of political volatility, said the agency.
The stable outlook reflects Fitch's assessment that the economic recovery will continue during the remainder of this year and facilitate a modest decline in the government debt/GDP ratio, despite temporary disruptions associated with a spike in COVID-19 cases since March, it said.
Fitch forecasted that the country's economy will rebound by 5.0 percent in 2021, following a contraction of 5.4 percent in 2020. Enditem