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Article: Fitch Downgrades Dominican Republic FC Rating to 'DDD' from 'C'.
- Article from:
- Business Wire
- Article date:
- May 5, 2005
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NEW YORK -- Fitch Ratings today downgraded the Dominican Republic's foreign currency issuer rating as well as the ratings on the debt eligible for the exchange to 'DDD' from 'C'. However, the long-term local currency rating has been placed on Rating Watch Positive in anticipation of the government's improved liquidity position as a result of the exchange.
The downgrade marks the completion of a comprehensive debt exchange, which Fitch deemed to be an event of default under its criteria for distressed debt exchanges. The government announced today that the exchange offer had achieved the required minimum participation level and that the exchange would therefore be ...