Moody's rates Banco Nacional de Costa Rica notes Baa3

Moody's Investors Service said it assigned a bank financial strength rating of D+ and a standalone baseline credit assessment of ba1 to Banco Nacional de Costa Rica, 100% owned by the Republic of Costa Rica.

The agency also assigned Baa3 and Prime-3 long and short-term local and foreign currency deposit ratings, respectively, to Banco Nacional de Costa Rica, and a Baa3 foreign currency senior unsecured debt rating to the bank's proposed U.S. dollar senior note issuance. The notes will be governed by the laws of the State of New York.

The outlook on all ratings is negative, in line with the negative outlook on Costa Rica.

Moody's said the Baa3 foreign currency senior debt rating is mapped from the bank's Baa3 local currency deposit rating and also incorporates the explicit and implicit support of the Costa Rican government. The rating is unconstrained by Moody's Baa2 Costa Rican country ceiling for foreign currency bonds and notes.

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