Costa Rica credit rating downgraded two notches amid persistent fiscal deficit

Central Bank of Costa Rica

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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