Moody’s Negative on Costar

Moody’s Negative on Costar

Costa Rica Corporate & Sovereign Strategy

Moody’s has changed the outlook on Costa Rica’s Baa3 rating to negative from stable, it says. The move follows an increase in the sovereign’s main debt metrics since 2009, and the difficulty it has had passing legislation to ease the debt burden. The agency forecasts a 2013 debt to GDP ratio of 37%, up from 25% in 2008, and similar to the Baa median of 38%. The debt level is driven by increases in the fiscal deficit. Costa Rica averaged a deficit of 1% of GDP during 2004-2008, but has averaged 4

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