Fitch rates Dominican Republic bond BB-

Fitch Ratings said it assigned BB- ratings to Dominican Republic's DOP 62.3 billion notes maturing Feb. 3, 2033 and the $700 million notes maturing Feb. 3, 2031.

The first notes are denominated in Dominican pesos, pay principal and interest in U.S. dollars, and carry a coupon of 13 5/8%. The U.S.-dollar-denominated bonds have a 7.05%.coupon.

“The bond ratings are in line with Dominican Republic's long-term foreign-currency issuer default rating of BB- (including the peso-linked securities, given they are payable in U.S. dollars),” Fitch said in a statement.

The proceeds are being used as part of a concurrent liability management operation involving the buyback of existing bonds and for general budgetary purposes.

The outlook is stable.

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