In 2012, Mongolia marked its debut in international capital markets with a stunning dollar bond sale that was meant to usher in a new era for the country.
Four years later, the currency is in free fall and concerns are growing that the cash-strapped government will struggle without external assistance.
The reversal of fortune for this sparsely-populated country underscores the impact the slowdown in China is having on economies that have for years depended on supplying raw materials to Chinese factories.
The collapse in commodity prices has taken a toll on the country's once-dominant mining sector. Foreign direct investments into the country's coal- and gold mines have slowed as investors closed their checkbooks.
In first half 2016, Mongolia's gross domestic product (GDP) grew 1.3 percent, compared with the 2.3 percent growth seen in 2015, according to data from Moody's.
Late Friday Asia time, ratings agency Standard & Poor's Global downgraded the country's long-term rating to B-minus from B on a weakening fiscal and growth outlook. It also cut its GDP forecast to an average of 3.2 percent over 2016-19 from a previous estimate of 4 percent. It cut its GDP growth forecast for 2016 to 1.3 percent from a previous estimate of 2.6 percent.