Fitch rates Dominican Republic notes BB-

Fitch Ratings said it assigned BB- ratings to the Dominican Republic's $1.782 billion of 5½% notes maturing in February 2029 and to its $1.782 billion of 6% notes due in February 2033. Both instruments contain call options for redemption.

“The bond rating is in line with Dominican Republic's long-term foreign-currency issuer default rating (IDR) of BB-,” Fitch said in a press release.

The government plans to use $1.264 billion of the proceeds to redeem the tendered and accepted portion of its 6.6% bonds due 2024, 5 7/8% amortizing bonds due 2024 and 7% dollar-denominated bonds due July 2023. It will use the remainder for the partial financing of the 2022 budget and other general governmental purposes.

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