S&P affirms Mongolia

Standard & Poor's said that it affirmed Mongolia's BB- long-term and B short-term sovereign credit ratings.

The outlook is stable.

The ratings balance the risks from an underdeveloped, narrow economic profile and a weak financial sector against robust growth prospects and solid multilateral and donor support, S&P said.

The ratings are also constrained by the contingent liabilities posed by the banking sector and supported by the country's rich natural resource endowment and continued progress toward fiscal and external stabilization, the agency said.

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