Fitch lifts Dominican Republic

Fitch Ratings said it upgraded the Dominican Republic's long-term foreign currency rating to B- from DDD, where it was placed at the time of the Dominican Republic's distressed debt exchange.

The agency said the rating action reflects the reopening of the exchange, which brought investor participation up to 97% of the face value of eligible bonds from the previous 94%.

This B- rating is in line with the new bonds issued as part of the exchange, Fitch noted.

The outlook is stable.

Similarly, Fitch has upgraded the short-term rating to B from C.

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