ULAN BATOR, Feb. 8 (Xinhua) -- The credit rating agency Fitch Ratings has affirmed Mongolia's long-term foreign-currency issuer default rating at "B" with a stable outlook, local media reported on Thursday, citing the agency's statement.
Mongolia's ratings are underpinned by favorable medium-term growth prospects and high per capita income relative to its "B" rated peers, Fitch said.
The Asian country's GDP grew by 6.8 percent in 2023, according to a preliminary estimate by the country's Ministry of Economy and Development.
Fitch forecast that the growth will likely slow to 4 percent in 2024 as exports stabilize, despite a pick-up in domestic demand.
The strategic Oyu Tolgoi copper mine's underground phase started production in March 2023. However, the agency said volumes will only rise significantly from 2025, adding that other mining and infrastructure projects could support medium-term growth. ■