On Negative Watch

February 2008 | Ratings Update

A lack of transparency and alleged mishandling during the issuing of some US$130mn of government debt in 2006, has placed the Dominican Republic's B+ long-term and B short-term sovereign credit ratings on a negative watch by rating agency Standard and Poor's (S&P). This follows growing concerns over the sovereign's ability to refinance and pay the four promissory notes, which are due in March and July 2008, worth US$6.8mn each, as the issuance of these has not been approved by congress and the finance ministry, contrary to the Dominican Republic's legal requirements.

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