Fitch affirms Banco Internacional de Costa Rica

Fitch Ratings said it affirmed Banco Internacional de Costa Rica's long-term issuer default rating at BB+, short-term issuer default rating at B and long-term national rating at AA-(pan).

The agency also affirmed its short-term national rating at F1+(pan), long-term senior unsecured bonds at AA-(pan), long-term senior unsecured bonds at AA+(slv) and commercial-paper rating at F1+(pan).

The outlook remains stable.

The ratings reflect the support that the bank would receive from its main shareholder, Banco de Costa Rica, should it be required, Fitch said.

In turn, its viability rating considers the bank's conservative risk management, strong asset quality, adequate capital position and enhanced earnings capacity, the agency said.

However, high funding and credit concentrations inherent to the bank's corporate orientation and relative small size in the Panamanian banking system continue to limit the bank's individual creditworthiness, Fitch said.

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