Wednesday, August 13, 2008

Moody's improves Costa Rica's outlook

MUMBAI - (Thomson Financial) - Moody's Investors Service revised the outlook on Costa Rica's key ratings to positive from stable following 'significant improvement in fiscal and debt positions and the likelihood of the improvement continuing in the medium term'.

Moody raised the outlook on Costa Rica's 'Ba1' foreign and local currency government bond ratings.

The outlook on the 'Baa3' foreign currency country bond ceiling and on the 'Ba2' foreign currency bank deposit ceiling was also revised to positive from stable.

'Costa Rica's remarkable fiscal performance over the past few years has been driven by significant expenditure restraint and an improvement in revenues, reflecting not only the business cycle but also a concerted effort to enhance collection,' Moody's said.

'As a result, the fiscal and debt positions have improved to such a degree that it would take a major crisis to reverse the virtuous debt dynamics seen in recent years,' Moody's added

No comments:

Related posts