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Thursday, January 6, 2011

Fitch Lifts Dominican Republic Outlook On Economic Recovery

Fitch Ratings lifted its ratings outlook on the Dominican Republic to positive, citing the nation's economic resilience during the global financial crisis.

Senior director Theresa Paiz Fredel said the nation's rapid recovery following the crisis within the context of moderate inflation highlights "the authorities' commitment to maintaining macroeconomic stability."

The ratings agency said the nation's resilience was supported by an agreement with the International Monetary Fund, improving export prospects and structural improvements in debt management.

Despite the strong economic recovery and higher commodity prices, the nation's central bank met its inflation target of between 6% to 7% last year, which Fitch said bodes well for enhancing monetary policy credibility.

The economic recovery exceeded both Fitch's and the market's expectations, with growth estimated at 7.8% for 2010.

High per capita income, as well as stronger social and business environment indicators also support the sovereign's ratings, which stand at B, or five notches into junk territory. However, the Dominican Republic's liquidity position relative to its peers remains a credit weakness.

Source: Dow Jones Online

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