This week the Ministry of Finance informed that the international credit rating agency Fitch Ratings upgraded the country's sovereign risk rating from BB- to BB, with a stable outlook.
According to this rating agency, the country's credit profile has been strengthened as a result of the credibility of its actions, including the following:
- Compliance with International Monetary Fund (IMF) targets.
- Ratification of the structural consolidation of fiscal management.
- Access to resources in the international market.
- Sustained reduction in the Debt/GDP ratio.
- Solid economic growth, controlled inflation, as well as Net International Reserves (NIR) that mitigate the Balance of Payments risk.
For Fitch, access to financing on better terms, such as Eurobonds, as well as the implementation of the measures adopted as a result of the agreement with the IMF, have played an important role in supporting fiscal sustainability and improving the credibility of Costa Rica's fiscal policy.