Fitch raises Costa Rica

Fitch Ratings said it upgraded Costa Rica's long-term foreign-currency issuer default and senior unsecured ratings to BB from BB-.

The upgrade reflects the government’s continuing commitment to the fiscal rule that is anchoring ongoing structural improvement in Costa Rica's fiscal position, and vigorous economic growth as well as an improved external liquidity position, Fitch noted.

“The tight fiscal stance has supported a continued decline in the government's debt trajectory and has contributed to an improvement in borrowing costs. Economic growth has been robust and exceeded our prior projections,” the agency said in a press release.

The outlook is stable.

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