Moody's ups Costa Rica outlook to positive

Moody's Investors Service said it revised the outlook on Costa Rica's key ratings to positive from stable in recognition of the significant improvement in the country's fiscal and debt positions and the likelihood of such improvement continuing in the medium term despite ongoing global turbulence.

The outlook change affects Costa Rica's Ba1 foreign and local currency government bond ratings, the agency said.

The outlook on the Baa3 foreign currency country bond ceiling and on the Ba2 foreign currency bank deposit ceiling was also revised to positive from stable, the agency added.

"Costa Rica's remarkable fiscal performance over the past few years has been driven by significant expenditure restraint and an improvement in revenues, reflecting not only the business cycle but also a concerted effort to enhance collection," said Moody's vice president - senior analyst Alessandra Alecci.

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