Moody's adjusts Chile, Costa Rica, Dominican ceilings

Moody's Investors Service said it adjusted the local currency (LC) country risk ceilings for Chile, Costa Rica and the Dominican Republic. The sovereign bond ratings and the foreign currency (FC) bond and deposit ceilings are not affected by the changes in the LC ceilings.

Moody's said its decision to adjust the LC country ceilings is based on application of the rating agency's Local Currency Country Risk Ceiling for Bonds and Other Local Currency Obligations methodology published earlier this year.

The change in ceilings mean that the highest rating that can be assigned to a domestic-currency bank deposit or domestic issuer in these countries, or to a structured finance security backed by local currency receivables, is now as follows:

• Chile: (a) The long-term LC bond ceiling was changed to Aa1 from Aaa; and (b) the long-term LC deposit ceiling was changed to Aa1 from Aaa;

• Costa Rica: (a) The long-term LC bond ceiling was changed to A3 from Aa2; and (b) the long-term LC deposit ceiling was changed to A3 from Aa3; and

• Dominican Republic: (a) The long-term LC bond ceiling was changed to Ba1 from A1; and (b) the long-term LC deposit ceiling was changed to Ba1 from A1.

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