Fitch Modifies BCR Rating to Stable
FitchRatings affirms a 'BB' Issuer Default Rating (IDR) for the Bank of Costa Rica and modifies its forecast to stable.
Tuesday, June 9, 2009
The modification of the forecast to stable from positive reflects Fitch’s opinion regarding a reduced potential to increase the individual rating due to the recent deterioration of the outlook in terms of profit value and the quality of assets. These are the main triggers for a decline in the rating as noted by Fitch when the forecast was modified to positive in December of 2007.
The promotion to "BB" rating with a stable outlook is based on better GDP growth and tax revenues.
The agency has affirmed the international rating of Guatemala as 'BB +' with Stable Outlook.
In all three countries, public finances have deteriorated due to higher fiscal deficits generated by increased government spending.
Fitch affirmed Costa Rica’s long term risk ratings for foreign and domestic currency: ‘BB’ and ‘BB+’, respectively.
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