Favorable long-term growth prospects, along with a stable political system and high level of social development, support our rating on Costa Rica. The failure to widen the tax base in recent years has contributed to fiscal deficits around 4%-5% of GDP, contributing to fiscal rigidity. We're affirming our 'BB/B' long- and short-term credit ratings on Costa Rica. The outlook remains stable, reflecting our expectation that the government will undertake minor steps to boost tax revenues. On Feb. 28, 2013, Standard&Poor's Ratings Services affirmed its 'BB/B' long- and short-term sovereign credit ratings on Costa Rica. The outlook remains stable. Our 'BBB-' transfer and convertibility (T&C) assessment is unchanged. The ratings on the Republic of Costa Rica balance the country's
