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Fitch upgrades Costa Rica

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Published on Thursday, February 29, 2024
By the A.M. Costa Rica staff


On Wednesday, Fitch Ratings upgraded Costa Rica's Long Term Foreign Currency Issuer Default Rating (IDR) to 'BB' from 'BB-' with a "Stable Rating Outlook." 

According to the U.S. credit rating agency, the upgrade reflects the ongoing commitment to the fiscal rule that is anchoring continued structural improvement in Costa Rica's fiscal position, as well as robust economic growth and an improved external liquidity position. 

"The tight fiscal stance has supported a continued decline in the government's debt trajectory and has contributed to an improvement in borrowing costs," said the firm in its statement. "Economic growth has been robust and exceeded our prior projections."

The worldwide renowned firm stated that Costa Rica's rating is supported by structural strengths relative to the 'BB' category, including strong governance indicators and high per-capita income relative to peers. "This is counterbalanced by still high-interest payments that are a source of fiscal rigidity and a track record of political gridlock hindering reforms and financing flexibility," they added. 

The factors in the rating decision were based on issues such as improved financing flexibility, high-interest burden improvement, debt decline, robust growth, balance of payments improvement, inflation in negative territory and a low level of corruption, among many other factors.

The complete Fitch's ESG Relevance Score to Costa Rica can be reached on the firm's website.


How does a positive Fitch rating benefit Costa Rica's economy? We would like to know your thoughts on this story. Send your comments to news@amcostarica.com

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