Moody's upgrades Dominican Republic credit ratings

NEW YORK, May 2 (Reuters) - Moody's Investors Service upgraded on Tuesday the Dominican Republic's debt ratings saying the country posted a stronger-than-expected recovery from its banking and currency crisis in 2003.

"Macroeconomic stability has been restored, and the country is experiencing above-trend growth with GDP increasing at an average annual rate of 10 percent during 2005 and 2006," Moody's analyst Mauro Leos said in a statement.

The ratings agency upgraded the Dominican Republic's foreign- and local-currency bond ratings to "B2" from "B3." The foreign-currency country ceiling was upgraded to "Ba3" from "B1." All ratings have a stable outlook.