DR1 Daily News - Dominican Republic

Moody’s risk assessment agency has upgraded the Dominican Republic’s long-term local and foreign-currency issuer and senior unsecured debt ratings to Ba2 from Ba3, while changing the outlook to stable from positive.

The upgrade is described as one that reflects the country’s sustained high growth rates and economic diversification, which have enhanced income levels and overall economic strength. The Dominican Republic has averaged around 5% annual growth over the past 15 years, with tourism serving as a key growth engine attracting both domestic and foreign investment. The upgrading comes at a time when the country is posting a growth rate of less than 3% so far for this year, attributed to the generalized uncertainties in global markets.

Moody’s cited recent improvements to the country’s institutional quality and policy frameworks, along with a track record of...