Standard & Poor’s Reaffirms Dominican Republic’s ‘BB’ Rating with Stable Outlook



Santo Domingo.- Standard & Poor's (S&P Global) reaffirmed the credit rating of the Dominican Republic at “BB with stable outlook.” This decision reflects the country's strengthened government institutions and ability to sustain high rates of economic growth, better fiscal planning and better public debt management.

In December 2022, the credit rating of the Dominican State was improved from “BB-” to “BB”, marking the highest credit rating achieved by the country.

S&P Global emphasizes that macroeconomic stability will continue to underpin these positive results.

The S&P report specifically notes the reduction in inflation, attributed to the measures implemented by the Central Bank in 2023.

It also projects a rapid return of the country's economic growth to its long-term levels.

Furthermore, the solid performance of the tourism sector is credited with contributing to the expansion of the Gross Domestic Product (GDP) and reducing the current account deficit.

A possible further upgrade in the rating depends on the approval and implementation of reforms that improve fiscal and debt planning, leading to lower fiscal deficits.

The Minister of Finance, Jochi Vicente, highlighted the government's presentation of the Fiscal Responsibility Bill to the National Congress in 2023.

This law aims to guarantee the sustainability of public finances.

Vicente acknowledged the challenges they face both nationally and internationally and noted that the government's improvements and reforms have positively impacted the country's credit evaluation.

This, he affirms, translates into more and better opportunities for the nation.

The Vice Minister of Public Credit, María José Martínez, also explained that the improvements in credit ratings achieved during the current administration provide the Dominican State with access to capital markets at lower interest rates.

This increases the country's attractiveness for foreign investment.

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