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Fitch puts Costa Rica on brink of investment grade

Monday, March 7, 2011

Fitch Ratings upgraded Costa Rica's junk-level foreign-currency rating one notch, citing the country's improving macroeconomic stability.

The upgrade to BB+ from BB still leaves the rating one level below investment grade. The outlook is stable.

"Costa Rica has been able to manage balance of payments pressures despite its vulnerability to high commodity prices, structural current account deficit and limited exchange rate flexibility, reflecting its improved shock-absorption capacity," Fitch director Erich Arispe said.

Original source: Dow Jones