SANTO DOMINGO.- An analyst of the company Bear Stearns yesterday said Standard & Poor’s reaction to the controversy over the loans with the company Sun Land are out of phase and tardy.

Frank Ucelli said 15 of the 19 promissory notes issued by the Government on May 15, 2006, have been paid and that Sun Land retained six promissory notes worth US$41 million, after the US$130 million contract with the Government was revoked.

Of the 19 promissory notes for US$130 million to fund public works, the remaining 13 were returned to the Government free of levies and fees, according to the term of the contract’s rescission, though according to Bear Stearns there are now 15 paid promissory notes, not six.

Standard & Poor’s, one of the world’s foremost provider of independent credit ratings, on Friday gave the country a positive B rating on long term debt, and B in short term credit. It said by the signing the contract with Sun Land the country shows “weakness.”

"At the moment market concerns have dissipated, since 15 of the 19 promissory notes have been paid and I think it’s improbable that the government runs the risk of breach on the four remaining promissory notes," Ucelli said, adding that the opposition has used the issue, "a form to discredit the government and weaken its probability of winning,” the May 16 elections.