NY – Standard&Poor's CreditWire 7/16/97 –Standard&Poor's today has assigned its double-'B' long-term foreign currency rating to the Republic of Costa Rica's $503M Brady bonds. Standard&Poor's also has assigned its double-'B'-plus long-term and single-'B' short-term local currency issuer credit ratings, and its double-'B' long-term and single-'B' short-term foreign currency issuer credit ratings to the Republic. The outlook on the local and foreign currency ratings is stable. The ratings are constrained by Costa Rica's: -- Pronounced political business cycles, wherein pre-election fiscal relaxation has typically led to an inflationary spike followed by a correction, hampering long-term development; -- Weak support for further reforms that would strengthen the foundations of public finances. Key among these would be
