NEW YORK (Standard&Poor's) July 14, 2008--Standard&Poor's Ratings Services said today that it revised its outlook on the Republic of Costa Rica to positive from stable. Standard&Poor's also said that it affirmed its 'BB/B' foreign currency and 'BB+/B' local currency sovereign credit ratings and 'BBB-' transfer and convertibility assessment on Costa Rica. In addition, Standard&Poor's affirmed its 'BB+' long-term debt ratings on Costa Rica's foreign currency senior unsecured debt. The foreign currency debt ratings are one notch above the sovereign issuer credit rating, reflecting both default and recovery prospects. "The revised outlook reflects a steadily declining government debt burden," said Standard&Poor's credit analyst Joydeep Mukherji. "The ongoing improvement in the sovereign's
