Costa Rica's Outlook Cut
To Stable Due To Fallout
From Credit Crisis - S&P
Standard & Poor's
Ratings Services revised
its outlook for Costa
Rica to stable from
positive citing the
diminishing prospects
for an upgrade because
of deteriorating global
financial markets and
the growing risk of
external volatility
affecting the country's
financial system.
The rating agency warned
that the impact of the
global economic
slowdown, especially a
recession in the U.S.,
is likely to keep Costa
Rican GDP growth low in
2009, partly because of
weaker exports of goods
and services as well as
reduced inflows of
foreign direct
investment.
The agency affirmed its
'BB/B' foreign-currency
and 'BB+/B'
local-currency sovereign
credit rating. |
