S&P ups Dominican Republic

S&P said it raised its long-term foreign- and local-currency sovereign credit ratings on the Dominican Republic to BB from BB-.

“The upgrade to BB is based on the Dominican Republic's fast-growing and resilient economy. Despite its vulnerability to external shocks, the country has proven its capacity to rapidly bounce back in the aftermath, thanks to somewhat predictable economic policies,” S&P said in a press release.

The agency noted the republic’s GDP is set to grow around 4%-5% over the next three years.

The outlook is stable.

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