Spanish
Santo Domingo.– The Government of the Dominican Republic maintains a firm commitment to a prudent, efficient, and proactive management of public debt, which has strengthened the confidence of international markets in the country's economy and significantly improved the perception of sovereign risk.
According to official data, the public debt (SPNF)/GDP ratio decreased from 56.9% at the end of 2020 to 46.9% in August 2025, a decrease of 10 percentage points, even in a context of international economic volatility. This downward trajectory contrasts with that of several countries in the region and reflects the fiscal discipline and efficiency in the use of financing by the Dominican Government.
Since 2020, all rating agencies have taken positive actions on the country's sovereign rating. In 2022, S&P Global increased the sovereign rating from "BB- positive" to "BB stable". In 2024, Fitch Ratings affirmed the sovereign rating at "BB- positive", highlighting the country's trajectory towards investment grade. More recently, in 2025, Moody’s Ratings upgraded the issuer and senior unsecured debt rating from Ba3 to Ba2, in both local and foreign currency, and adjusted the outlook from positive to stable.
Agencies highlight macroeconomic strength, institutional credibility, and fiscal transparency as key factors supporting the country's debt policy.
You can also read: DR registered an inflation of 3.76% year-on-year in September
Solid performance in the markets Currently, the Dominican Republic has a country risk of 219 basis points according to the Emerging Market Bond Index (EMBI), ranking among the Latin American nations with the lowest risk perception. The debt management strategy prioritizes the reduction of financial risk through operations that extend the maturity profile and optimize the average financing cost, achieving greater budget predictability and a more stable debt profile. Renovations and innovative financing Law No. 35-24 on Fiscal Responsibility of State Institutions reinforces the commitment to fiscal sustainability, establishing clear rules on primary spending and debt anchor to ensure prudent and transparent management. In terms of sustainable financing, in 2024 the country issued its first Sovereign Green Bonds for US$750 million, maturing in 2036 and with a rate of 6.6%, 15 basis points lower than equivalent conventional instruments. The issuance received an oversubscription six times higher than the amount offered, reflecting investors' confidence in the economic policy and the Government's commitment to environmental, social and fiscal sustainability.
