S&P gives Dominican Republic notes BB-

S&P said it rated Dominican Republic’s $1.78 billion of 5½% notes due 2029 and $1.78 billion of 6% notes due 2033 BB-.

“The rating on the notes is the same as the long-term foreign-currency sovereign credit rating on the Dominican Republic (BB-/stable/B),” the agency said in a press release.

The government plans to use about a third of the proceeds to roll over three bonds maturing in 2023 and 2024 while the remainder will be used for general budgetary purposes.

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