Fitch Rates Dominican Republic's 2044 Global Bonds 'B'

NEW YORK--()--Fitch Ratings has assigned a long-term foreign currency rating of 'B' to the Dominican Republic's USD1,250 million global bond issuance maturing in April 30, 2044. The bonds have a coupon rate of 7.45%.

The proceeds will be used to cover general budgetary expenses and infrastructure projects included in the government's 2014 financing plan.

KEY RATING DRIVERS

Dominican Republic's ratings are underpinned by its resilient and diversified economy, high per capita income, track record of macroeconomic stability and sustained access to official lending and international capital markets.

These credit strengths are balanced against structural weaknesses in fiscal accounts such as a narrow revenue base and rigid budget expenditure, rising government debt and external financing needs, and a weak external liquidity position.

RATING SENSITIVITIES

The rating would be sensitive to any changes in Dominican Republic's long-term foreign currency IDR. Fitch affirmed Dominican Republic's ratings at 'B' with a Stable Outlook on Nov. 26 2013.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Sovereign Rating Methodology' (Aug. 13, 2012);

--'Country Ceilings' (Aug. 9, 2013).

Applicable Criteria and Related Research:

Sovereign Rating Methodology - Effective 15 Aug 2011 to 13 Aug 2012

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648978

Country Ceilings

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=715618

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=827763

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Contacts

Fitch Ratings
Primary Analyst
Cesar Arias
Associate Director
+1-212-908-0358
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Erich Arispe
Director
+1-212-908-9165
or
Committee Chairperson
Shelly Shetty
Senior Director
+1-212-908-9165
or
Media Relations:
Brian Bertsch, +1-212-908-0549 (New York)
brian.bertsch@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst
Cesar Arias
Associate Director
+1-212-908-0358
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Erich Arispe
Director
+1-212-908-9165
or
Committee Chairperson
Shelly Shetty
Senior Director
+1-212-908-9165
or
Media Relations:
Brian Bertsch, +1-212-908-0549 (New York)
brian.bertsch@fitchratings.com