Moody’s rates Dominican Republic bonds Ba3

Moody's Investors Service said it assigned a Ba3 senior unsecured rating to the Government of the Dominican Republic's proposed dollar- and Dominican peso-denominated bond offerings.

The dollar-denominated offering will reach up to $2.1 billion and the Dominican peso-denominated offering will amount to at least $500 million.

The rating mirrors the Government of the Dominican Republic's issuer rating of Ba3 with a stable outlook.

Proceeds will be used for general purposes including budgetary support.

Moody’s said the Ba3 government bond rating of the Dominican Republic reflects its "moderate" economic strength, "low (-)" institutional strength; which is balanced against "very low (+)" fiscal strength and "moderate (-)" susceptibility to event risk.

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