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May 20 (Reuters) - Standard & Poor's on Wednesday raised its long-term sovereign credit ratings on the Dominican Republic to 'BB-' from 'B+', citing an improved monetary and fiscal stance.
"In our opinion, the Dominican Republic has a growing track record of sound monetary policy execution under an inflation-targeting regime," the ratings agency said in a statement.
"Lower fiscal deficits since 2012 (on tax reform, higher mining revenues, and containment in spending) and cash- and debt-management practices by the Treasury have also strengthened the Dominican Republic's fiscal position."
The new rating has a stable outlook. (Reporting by Ian Chua; Editing by Christian Plumb)