Moody’s affirmed Mongolia’s rating at B3 with a stable outlook. The rating comes against a backdrop of elevated liquidity and external risks amid strong growth prospects and a debt repayment profile that is now settled at more sustainable levels. Moreover, the recent relaxation in China’s Covid policies, coupled with continued progress on Mongolia’s infrastructure and logistics networks and the development of mining projects, will support a gradual recovery in foreign currency revenue and allow GDP growth to rise to potential rates over the next few years.