- Category: Business
- Published on Monday, March 14 2011 01:52
- Written by Rod Hughes
- Hits: 786
Fitch Ratings has upgraded Banco de Costa Rica (BCR) and Banco Internacional de Costa Rica's longterm foreign currency issuer (BICSA) from BB to BB+, reflecting the country's similar upgrade. (See previous story.)
Fitch also upgraded BCR's support rating floor as well as BICSA's national ratings in El Salvador and Panama.
The rating outlook for both BICSA and BCR is stable. On March 4, Fitch upgraded Costa Rica's issuer default rating. Naturally, since the nation is sole stockholder in BCR and guarantees its depositers, this effected the ratings.
BICSA's ratings are not only tied to the national ones but also to BCR, a 51% stockholder in the international bank. Banco Nacional owns the remaining 49%.