Moody's upgrades Dominican Republic sovereign rating

NEW YORK, April 22 (Reuters) Moody's Investors Service on Thursday upgraded the Dominican Republic's ratings saying its high-growth economy has provided a cushion during the global crisis.

The agency raised the rating by one notch to B1, or four notches into "junk" status.

"Despite being a small open economy with close ties to the U.S., the Dominican Republic demonstrated a higher-than-expected level of economic and financial resilience to external shocks," said Mauro Leos, vice president and senior credit officer in Moody's Sovereign Risk Group.

"As a result, Moody's has repositioned the country's sovereign ratings, even as they remain at the lower end of the rating scale for now," he added. (Reporting by Ciara Linnane)