Fitch rates Banco Nacional de Costa Rica notes BB+

Fitch Ratings said it assigned Banco Nacional de Costa Rica's proposed $500 million senior unsecured notes an expected rating of BB+(EXP).

The maturity and interest rate of the offering are not yet defined.

The rating is aligned with the bank’s BB+ foreign currency long-term issuer default rating.

The negative outlook is also aligned with the sovereign rating outlook.

The notes would represent a new international Rule 144A/Regulation S issuance.

Proceeds are expected to be used partly to repay the bank’s existing outstanding debt, as well as to expand its infrastructure financing activities and to increase Banco Nacional de Costa Rica’s liquidity profile.

The bank’s ratings are not affected by the additional debt issuance.

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