S&P ups Dominican Republic

Standard & Poor's said it upgraded the local- and foreign-currency sovereign credit ratings on the Dominican Republic to B+/B from B/B, along with its transfer and convertibility assessment to BB from BB-.

The recovery rating remains at 3.

The outlook is stable.

The upgrade reflects the country's progress in gradually improving its debt structure and debt management; stronger growth and export prospects, advancements in structural reforms and a general improvement in policymaking transparency and predictability, S&P said.

Despite buoyant economic growth, fiscal challenges persist, as revenue collection lags behind the economic expansion, the agency said.

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