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.

More on this topic

S&P Upgrades Guatemala's Rating

September 2012

The promotion to "BB" rating with a stable outlook is based on better GDP growth and tax revenues.

From the press release:


We expect that the government of Guatemala will reduce fiscal deficits averaging 2.5% of GDP over the next three years, compared with previous estimates of over 3% of GDP.

Fitch Ratings Affirms Rating of BB + for Guatemala

August 2012

The agency has affirmed the international rating of Guatemala as 'BB +' with Stable Outlook.

From a statement by Fitch Ratings:

Fitch Ratings-New York-31 July 2012: Fitch Ratings has affirmed the issuer default rating (IDR) and the Country Ceiling for Guatemala as follows:

Risk for Guatemala, Costa Rica and El Salvador

June 2012

In all three countries, public finances have deteriorated due to higher fiscal deficits generated by increased government spending.

Public deficit and public debt have deteriorated the quality of the finances of Costa Rica, El Salvador and Guatemala.

"We have a negative outlook on our 'BB' rating for Guatemala and we have cut El Salvador’s rating by two grades over the past three years.

Fitch Affirms Costa Rica’s BB Rating

February 2010

Fitch affirmed Costa Rica’s long term risk ratings for foreign and domestic currency: ‘BB’ and ‘BB+’, respectively.

The Outlook on both ratings is Stable. Fitch has also affirmed Costa Rica's short-term foreign currency IDR at 'B' and the Country Ceiling at 'BB+'.

Costa Rica's ratings are supported by its high per capita income; a relatively diverse economy, which traditionally attracts sizeable foreign direct investment (FDI); and its net external creditor position. The ratings are constrained by a narrow fiscal revenue base, a comparatively weak monetary and exchange rate policy framework, and relatively low international liquidity indicators.

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