NEW YORK--(BUSINESS WIRE)--Fitch Ratings has assigned a 'B' rating to the Dominican Republic's USD500 million bond issuance maturing in January 2024. The bonds have a coupon rate of 6.6%.
The proceeds will be used to cover general budgetary expenses and infrastructure projects included in the government's 2013 financing plan.
KEY RATING DRIVERS
The rating is in line with The Dominican Republic's Long-term Foreign Currency Issuer Default Rating (IDR) of 'B' with a Stable Outlook.
The rating would be sensitive to any changes in the Dominican Republic's Long-term foreign currency IDR. Fitch affirmed Dominican Republic's ratings at 'B' and revised the Outlooks to Stable from Positive on Dec. 11, 2012.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Sovereign Rating Methodology' (Aug. 13, 2012).