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American credit rating agency Moody’s announced this December 5th they have “downgraded the Government of Costa Rica’s long-term issuer and senior unsecured bond ratings to B1 from Ba2 and changed its rating outlook to negative, concluding the review for downgrade that was initiated on 18 October 2018”.
Moody’s stated that the key drivers for the downgrade are:
1. The continued and projected worsening of debt metrics on the back of large deficits despite fiscal consolidation efforts.
2. The significant funding challenges emerging for the country as rising debt, deficits and interest costs lead to rapidly rising borrowing requirements.
Read more at: Moody’s Downgrades Costa Rica’s Ratings to B1 and Assigns Negative Outlook
