Fitch Ratings has assigned a long-term foreign currency rating of 'B+' to the Dominican Republic's global bonds for USD1 billion maturing Jan. 27, 2025 and USD1.5 billion maturing Jan. 27, 2045, for a total issuance of USD2.5 billion. The bonds have coupon rates of 5.5% and 6.85%, respectively.

The proceeds will be used for general government purposes, including the partial financing of the 2015 budget and the refinancing, repurchase or redemption of external sovereign debt.

KEY RATING DRIVERS

Dominican Republic's ratings are underpinned by its demonstrated resilience to domestic and external shocks, increasingly diversified export structure and foreign direct investment flows, track record of macroeconomic stability, and sustained access to official lending and international capital markets.

These credit strengths are balanced against structural weaknesses in public finances such as a narrow revenue base and burdensome electricity subsidies, fiscal policy uncertainty during electoral cycles, rising government debt, and a weak external liquidity position.

RATING SENSITIVITIES

The rating would be sensitive to any changes in the Dominican Republic's long-term foreign currency Issuer Default Rating (IDR). Fitch upgraded the Dominican Republic's ratings to 'B+' with a Stable Outlook on Nov. 21, 2014.

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

Applicable Criteria and Related Research:

--'Sovereign Rating Methodology' (Aug. 12, 2014);

--'Country Ceilings' (Aug. 28, 2014).

Applicable Criteria and Related Research:

Sovereign Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754428

Country Ceilings

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=752194

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=974935

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