Fitch lowers DPR-CR notes

Fitch Ratings said it downgraded the $150 million series 2017 notes issued by DPR-CR Ltd. to BBB- from BBB and removed the Rating Watch negative.

The outlook is negative.

The action follows the downgrade of Costa Rica's sovereign issuer default rating and the downgrade of Davivienda Costa Rica's local-currency issuer default rating, Fitch said.

The future flow program is backed by dollar-denominated existing and future diversified payment rights originated by Banco Davivienda (Costa Rica), SA, the agency said.

The ratings are driven by the support the bank would receive from its Colombian parent, Banco Davivienda, if needed, Fitch said.

Fitch also said it downgraded Banco Davivienda Costa Rica's viability rating to B+ from BB-.

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