Fitch cuts two Costa Rican banks

Fitch Ratings said it downgraded Banco Nacional de Costa Rica and Banco Davivienda following the downgrade of Costa Rica’s sovereign rating to B from B+.

The agency said it downgraded Banco Nacional de Costa Rica’s foreign- and local-currency ratings to B from B+ because the bank is linked to the sovereign rating.

Fitch lowered Banco Davivienda’s foreign-currency rating to B+ from BB- and local-currency rating to BB-. Fitch said the local currency downgrade is consistent with its criteria for ratings driven by institutional support.

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