COSTA RICAN TIMES
Costa Rica News – Fitch Ratings has affirmed Banco de Costa Rica’s (BCR) Long-Term Issuer Default Rating (IDR) at ‘BB+’. Fitch also affirms BCR’s Viability Rating (VR) at ‘bb+’. The Rating Outlook is Negative. A full list of ratings follows at the end of this press release.
KEY RATING DRIVERS – IDRs, SENIOR DEBT, AND NATIONAL RATINGS
The bank’s IDRs, senior debt ratings, and National ratings are driven by the potential support of the Costa Rican government (‘BB+’/Outlook Negative), as stated in the National Banking System Law. According to this law, all state-owned banks have the guarantee and full collaboration of the state. The explicit guarantee allows BCR’s Long-Term IDR, senior debt ratings and Outlooks to be aligned with the sovereign rating.
KEY RATING DRIVERS – VR
The operating environment
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