Fitch cuts Costa Rica to B

Fitch Ratings said it downgraded Costa Rica’s long-term foreign-currency issuer default rating to B from B+.

“The downgrade of Costa Rica’s long-term foreign-currency (LT FC) IDR to B reflects increased risks of near-term financing stress due to widening fiscal deficits, a steep amortization schedule and borrowing constraints, against a background of economic contraction caused by the effects of the coronavirus pandemic,” Fitch said in a press release.

The outlook is negative.

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