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Article: Fitch Dwngrs the Dominican Republic's FC & LC Rtgs to 'B'.
- Article from:
- Business Wire
- Article date:
- October 24, 2003
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Business Editors
NEW YORK--(BUSINESS WIRE)--Oct. 24, 2003
Fitch Ratings, the international rating agency, today downgraded the ratings on the Dominican Republic's foreign and local currency obligations to 'B' from 'B+'. The outlook remains on Rating Watch Negative.
The action reflects liquidity concerns due to continued pressures on the sovereign's slim foreign exchange reserve position. In addition, Fitch remains concerned about the availability of multilateral funding over the coming year due to unresolved issues in the electricity sector. Foreign exchange reserves have fallen to US$520.8 million as of the end of September 2003 from US$583.1 ...