Moody’s: Costa Rican banks to negative

Moody's Investors Service said it changed the outlook on the long-term local currency deposit and foreign currency deposit and senior unsecured debt ratings of Banco Nacional de Costa Rica and Banco de Costa Rica to negative from stable.

At the same time, the agency affirmed the banks' long and short-term local currency deposit ratings at Ba1/Not Prime, as well as the foreign currency deposit ratings at Ba2/Not Prime and the foreign currency senior debt ratings at Ba1.

The action follows Moody's Feb. 8 outlook change on Costa Rica's Ba1 government bond rating to negative from stable.

The banks’ ba2 baseline credit assessments and adjusted baseline credit assessments are unaffected by this action, as are their Ba1(cr) and Not Prime(cr) long and short term counterparty risk assessments.

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