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Fitch downgrades six Costa Rica banks
Fitch Ratings said it downgraded the long-term issuer default ratings of six Costa Rica banks.
The ratings were downgraded following the recent downgrade of Costa Rica's sovereign rating to BB from BB+ and country ceiling to BB+ from BBB-.
The outlooks on all six banks also were revised to stable from negative.
Banco BAC San Jose’s foreign-currency long-term issuer default rating was downgraded to BB+ from BBB-, foreign-currency short-term issuer default rating to B from F3, local-currency long-term issuer default rating to BBB- from BBB and viability rating to BB from BB+.
Banco Davivienda (Costa Rica)’s foreign-currency long-term issuer default rating was downgraded to BB+ from BBB-, foreign-currency short-term issuer default rating to B from F3 and local-currency long-term issuer default rating to BBB- from BBB.
Banco de Costa Rica’s foreign-currency long-term issuer default rating was downgraded to BB from BB+, long-term local-currency issuer default rating to BB from BB+, long-term senior unsecured bonds to BB from BB+ and viability rating to BB from BB+.
Banco Internacional de Costa Rica’s foreign-currency long-term issuer default rating was downgraded to BB from BB+, long-term national rating to A+(pan) from AA-(pan), short-term national rating to F1(pan) from F1+(pan), senior unsecured national long-term ratings to A+(pan) from AA-(pan) and commercial-paper rating to F1(pan) from F1+(pan).
Banco Nacional de Costa Rica’s foreign-currency long-term issuer default rating was downgraded to BB from BB+, long-term local-currency issuer default rating to BB from BB+, long-term senior unsecured bonds to BB from BB+ and viability rating to BB from BB+. Its outlook is stable.
Banco Popular y de Desarrollo Comunal’s foreign-currency long-term issuer default rating was downgraded to BB from BB+, long-term local-currency issuer default rating to BB from BB+, viability rating to BB from BB+, senior unsecured national long-term ratings to A+(pan) from AA-(pan) and senior unsecured national short-term ratings to F1(pan) from F1+(pan).
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