...November 8, 2019 NEW YORK (S&P Global Ratings) Nov. 8, 2019--S&P Global Ratings today assigned a 'B+' rating on Costa Rica's prospective reopening of its 7.158% notes due 2045 and a 'B+' rating on its planned issuance of notes due 2031. The expected combined amount of the reopening and new notes is US$1.5 billion--in line with authorization from Costa Rica's Congress to issue up to this amount in Eurobonds to cover the government's 2019 financing needs. In addition to tapping the local market, Congress authorized borrowing of US$500 million from Corporacion Andina de Fomento and US$350 million from the Inter-American Development Bank. Our 'B+/B' sovereign issuer credit ratings reflect both progress and challenges for the administration of President Carlos Alvarado in executing the fiscal reform passed last year after many years of debate, including various changes in the cabinet, most recently in the ministry of finance. After former Minister of Finance Ana Rocio Aguilar resigned in October,...
