February 11, 2020
Moody's on Monday downgraded Costa Rica's sovereign credit rating by one notch to B2 from B1, citing high fiscal deficits averaging over 6 percent of gross domestic product since 2015.
The deficits, despite fiscal consolidation measures approved in 2018, have pushed the government debt to GDP ration higher than its single-B rated peers, the ratings agency said in a statement. Costa Rica's rating will carry a stable outlook.
"As a result, Costa Rica's fiscal deficits, debt ratios, and interest bu
Rating agency cites high fiscal deficits, recurring funding challenges to cut rating to B2 from B1