Costa Rica credit rating downgraded two notches amid persistent fiscal deficit

Central Bank of Costa Rica
Haakon S Krohn/Wikimedia Commons (https://bit.ly/3FMbD8F)

Costa Rica’s credit rating has been downgraded two notches by Fitch Ratings, despite fiscal reforms and a loan repayment to the central bank.

The rating agency downgraded the economy’s long-term currency issuer default rating to B+ from BB on January 15. The revision follows similar downgrades from S&P and Moody’s in December.

In its statement, Fitch says the downgrade reflects “persistently wide fiscal deficits, high near-term financing needs due to a steep amortisation schedule and budget

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