Fitch affirms Dominican Republic

Fitch Ratings said it affirmed the Dominican Republic's ratings, including the foreign currency issuer default rating at B, local currency issuer default rating at B, country ceiling at B+, short-term foreign currency issuer default rating at B and senior unsecured debt at B.

The outlook remains stable.

Fitch said that the Dominican Republic's weak liquidity position relative to B peers has highlighted the country's vulnerability to external shocks in an environment of lower global growth and tighter international liquidity conditions.

However, Fitch said it views the government's decision to pursue a new 28-month, $1.7 billion stand-by arrangement with the International Monetary Fund as an appropriate response to relieve both external and fiscal financing pressures, supporting the sovereign's current ratings.

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