Moody’s upgrades Bicsa

Moody's Ratings said it upgraded Banco Internacional de Costa Rica, SA's (Bicsa) long-term foreign-currency deposit rating to Ba3 from B1, its long-term foreign-currency counterparty risk rating to Ba2 from Ba3 and its long-term counterparty risk assessment to Ba2(cr) from Ba3(cr).

Moody's also upgraded the bank's baseline credit assessment and adjusted baseline credit assessment to ba3 from b1.

Moody's affirmed the bank's Not Prime short-term foreign currency deposit rating, Not Prime short-term counterparty risk rating as well as its Not Prime(cr) short-term counterparty risk rating.

The outlook on the long-term deposit rating was changed to stable from positive.

“In upgrading Bicsa's long-term deposit rating to Ba3, Moody's acknowledges the improvement in the bank's improved financial profile over the past two years, underpinned by the increased earnings generation capacity as a result of increased interest income, rising non-interest income and significant efforts to contained operating costs, which reinforces future capitalization,” the agency said in a news release.

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