S&P affirms Dominican Republic

Standard & Poor's said it affirmed its B+/B long- and short-term local- and foreign-currency sovereign credit ratings on the Dominican Republic. The outlook remains stable.

The transfer and convertibility assessment is unchanged at BB.

The recovery rating on the government's bonds is also unchanged, at 3.

"The ratings on the Dominican Republic reflect the country's weak institutions and the politicization and opaqueness of decision-making, which lessen the predictability and effectiveness of the government's policies," said S&P credit analyst Olga Kalinina in a news release.

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