Moody's: Dominican Republic view stable

Moody's Investors Service said it changed its outlook on the Dominican Republic's B3 foreign- and local-currency ratings to stable from negative as a result of a recent debt exchange.

The exchange, which was successfully completed in early May, had a high participation rate.

Moody's noted that the stable outlook incorporates the debt "relief" that will be derived from the extension of maturities as well as evidence of an improved macroeconomic environment. Economic policy actions undertaken by the administration of president Leonel Fernandez have been effective in reversing trends that led to persistent deterioration in various financial indicators, Moody's said.

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