Fitch affirms Costa Rica

Fitch Ratings said it affirmed the local- and foreign-currency issuer default ratings for Costa Rica

at BB+ and short-term issuer default rating at B. The country ceiling is BBB-.

The outlook is stable.

Costa Rica's BB+ ratings are supported by its institutional strength and favorable social indicators, the agency said.

A history of political and macroeconomic stability combined with a skilled labor force continues to attract foreign direct investment and foster the development of highly competitive export-oriented industries, the agency noted.

Costa Rica's ratings are constrained by the country's narrow and pro-cyclical revenue base and expenditure rigidities, which limit its fiscal flexibility, Fitch said.

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