Foreign currency: BB-/Negative/B Local currency: BB-/Negative/B Transfers&Convertibility: BB+ Lack of fiscal reform continues to erode Costa Rica's public finances, constraining its long-term growth prospects and highlighting its vulnerability to external shocks. We are affirming our 'BB-' long-term foreign and local currency ratings on Costa Rica. The outlook remains negative, reflecting the one-in-three chances that we could lower the ratings on Costa Rica this year if the new administration that takes office later this year fails to address the fiscal situation of the country. On Feb. 21, 2018, S&P Global Ratings affirmed its 'BB-' long-term foreign and local currency sovereign credit ratings on the Republic of Costa Rica. The outlook remains negative. At the same time, we affirmed our
