Moody’s: Banco Nacional de Costa Rica notes Ba1

Moody's Investors Service said it assigned a Ba1 foreign currency senior unsecured debt rating to Banco Nacional de Costa Rica's proposed dollar-denominated senior note issuance for an expected amount of $500 million.

The instrument will be governed by the laws of the State of New York.

The outlook is negative, in line with the negative outlook on Costa Rica's Ba1 government bond rating.

Moody’s said the Ba1 senior unsecured debt rating derives from the bank's Ba1 global local currency deposit rating, which in turn incorporates its fundamental strength, as reflected by the ba2 baseline credit assessment. The debt rating incorporates one notch of uplift from the BCA, to reflect Moody's assumption of full government support, which raises the rating to the level of Costa Rica's government bond rating.

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