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Moody downgrades issuer ratings in Mongolia to negative
(MENAFN)
Local media said on Monday that Moody's Investors Service have downgraded the issuer ratings prediction for the Mongolian government to negative from stable.
A statement released by Moody's said that the decision came due to the increasing external vulnerability risks coming from the drastic decline in the export revenue during a period when the external financing access is very uncertain, which places concerns over the weak foreign-exchange reserve adequacy in the country.
The agency added that the borrowing requirements of the government are going to rise in order to fund a big stimulus package that increases the risks of liquidity.
It also said that the fast spread of coronavirus, the bad international economic outlook, and the decreasing asset prices are resulting in a bad and intense credit shock in different sectors, markets and regions.
Local media said on Monday that Moody's Investors Service have downgraded the issuer ratings prediction for the Mongolian government to negative from stable.
A statement released by Moody's said that the decision came due to the increasing external vulnerability risks coming from the drastic decline in the export revenue during a period when the external financing access is very uncertain, which places concerns over the weak foreign-exchange reserve adequacy in the country.
The agency added that the borrowing requirements of the government are going to rise in order to fund a big stimulus package that increases the risks of liquidity.
It also said that the fast spread of coronavirus, the bad international economic outlook, and the decreasing asset prices are resulting in a bad and intense credit shock in different sectors, markets and regions.
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