ULAN BATOR, July 31 (Xinhua) -- Standard & Poor's Global Ratings has affirmed the long- and short-term sovereign credit ratings for Mongolia at "B" with a stable outlook, local media reported on Monday, citing the agency's report.

The agency said in the report that the stable outlook on the long-term rating reflects its expectation that the economic recovery remains on track and Mongolia's credit metrics will improve over the next 12 months.

The country's commodity-reliant economy will expand by 5.5 percent in 2023 thanks to a recovery in exports, according to forecasts by the agency.

Its economy grew by 4.8 percent in 2022, according to the country's National Statistics Office. Enditem

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