Moody’s lifts Banreservas view to positive

Moody's Investors Service said it affirmed the long-term local- and foreign-currency deposit ratings of B1 and B2 of Banco de Reservas de la Republica Dominicana, Banco de Servicios Multiples (Banreservas) and changed its outlook to positive from stable.

The action follows the outlook change on the Dominican Republic's B1 government bond rating to positive from stable, Moody’s explained.

The bank’s B3 baseline credit assessment and adjusted baseline credit assessment are unaffected by this action, along with its short-term local- and foreign-currency deposit ratings of not-prime. The bank's B2 foreign-currency subordinated debt rating also is unaffected, the agency said.

The positive outlook on the sovereign rating reflects an expectation that the country's debt burden will continue to fall over the next two years, supported by a reduced fiscal deficit, Moody’s said.

The sovereign action also captures the country's robust growth outlook, which leads to a rise in the country's income levels, the agency said.

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