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S&P rates Dominican Republic notes BB-
S&P said it assigned BB- ratings to the Dominican Republic’s $3.8 billion in notes.
The ratings apply to $1.8 billion in 4 7/8% notes due 2032 and $1.7 billion in a reopening of the 5 7/8% notes due 2060.
The Dominican Republic sold the equivalent of 17.5 billion in Dominican pesos of 9¾% notes due 2026 also in a reopening.
“The rating on the notes is the same as the long-term foreign currency sovereign credit rating on the Dominican Republic (BB-/negative/B),” S&P said in a press release.
The sovereign will use the proceeds for general budgetary purposes, including funding for Covid-19 relief and the economic recovery plan.
The outlook is negative.
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