Fitch: Banco Nacional de Costa Rica notes BB

Fitch Ratings said it assigned an expected long-term rating of BB(EXP)emr to Banco Nacional de Costa Rica's proposed Costa Rican colon-denominated senior unsecured notes.

The size, maturity and interest rate of the offering are not yet defined. The notes will be the bank’s direct, unconditional and unsecured general obligations and would represent a new international 144A/Reg S issuance.

Net proceeds are expected to be used for general corporate purposes, including the repayment and/or refinancing Banco Nacional de Costa Rica’s outstanding debt.

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

Fitch said the BB(EXP)emr rating reflects that these are senior unsecured obligations of Banco Nacional de Costa Rica that rank pari passu with other senior unsecured debt and, therefore, this rating is aligned with the bank's foreign currency issuer default ratings of BB/stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.