Costa Rica: Negative Outlook Spreads to Banks

Fitch Ratings has revised from "stable" to "negative" its perspective for international long-term ratings of the private bank BAC San José and the state banks Banco Nacional, Banco Popular, Banco Internacional and Banco de Costa Rica.

Friday, January 30, 2015

From a statement issued by Fitch Ratings:

Fitch Ratings has revised the Outlook for international long-term ratings of four Costa Rican banks and a Panamanian subsidiary from Stable to Negative, after having revised the Perspective for Costa Rica's sovereign rating from stable to negative :

- Banco BAC San José, SA (BAC San José);
- Banco de Costa Rica (BCR);
- Banco Internacional de Costa Rica (BICSA);
- Banco Nacional de Costa Rica (BNCR);
- Banco Nacional de Costa Rica (BPDC).

Fitch has affirmed the international ratings on short and long-term local and foreign currency (Issuer Default Ratings or IDRs), viability ratings (VR) and support ratings (SR) of these entities. These actions are the result of the recent revision of the Outlook for the sovereign rating of Costa Rica, from Stable to Negative. (see article Fitch' Revises Costa Rica's Outlook to Negative; Affirms IDRs at 'BB +', published on January 22, 2015 ).

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In line with the revision from stable to negative for the outlook for sovereign debt, Fitch Ratings has also downgraded the outlook for the debt of state banks and two private banks.

From a statement issued by Fitch Ratings:

Fitch Ratings-Monterrey/San Salvador-24 January 2018: Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) of various Costa Rican banks and revised the Rating Outlook to Negative from Stable.

Costa Rica: Cascade Effect on Bank Risk Ratings

January 2017

After last weeks downgrading of the country 's sovereign rating to BB, Fitch Ratings has downgraded the risk rating of six Costa Rican banks.

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Fitch Modifies BCR Rating to Stable

June 2009

FitchRatings affirms a 'BB' Issuer Default Rating (IDR) for the Bank of Costa Rica and modifies its forecast to stable.

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.

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