The ratings are as follows:
Long-term foreign currency IDR at 'BB+'; Long-term local currency IDR at 'BB+'; Short-term foreign currency at 'B'; Country ceiling at 'BBB-'.

The Outlook revision to Negative reflects increasing downside risks stemming from growing fiscal and economic pressures against a backdrop of tighter external and domestic liquidity. 'The risks to fiscal and financing flexibility have been exacerbated by ongoing political uncertainty in the run-up to general elections in early 2009,' said Casey Reckman, Associate Director in Fitch's Sovereign Group. However, a stable monetary and economic environment, a good track record on structural reforms, and stronger governance indicators than rating peers support the 'BB+' ratings.

Source: Fitch Ratings Centroamerica

More on this topic

Standard & Poor's rates Nicaragua with B+

February 2016

The sovereign rating B + with stable outlook is based on the "economic performance, low debt burden of the government, political stability and partnership between government and the private sector through dialogue".

From a statement issued by the Central Bank of Nicaragua:

Costa Rica: Fitch Maintains Sovereign Rating

January 2016

The agency has maintained its BB + rating with a negative outlook but again warned about the high fiscal deficit and the difficulties the country faces in passing a tax reform bill.

From a statement issued by Fitch Ratings:

Fitch Ratings-New York-20 January 2016: Fitch Ratings has affirmed Costa Rica's Long-term foreign- and local-currency IDRs at 'BB+'.

Slight Improvement in Honduras' Country Risk

May 2015

Basing its decision on the progress being made in the economy in fiscal matters, Moody's has raised the outlook rating from positive to stable.

From the press release by Moodys:

New York, May 11, 2015 -- Moody's Investors Service has today revised the outlook on Honduras' government bond ratings to positive from stable.

Quarterly Country Risk Report: June 2010

July 2010

Central American countries still need to improve their economic performance to reach investment grade ratings.

On its Quarterly Country Risk report for June 2010, the Central American Monetary Council (SECMCA), notes that Moody’s Investor Service improved the foreign currency risk ratings for Guatemala and Nicaragua.