Costa Rica's fiscal deficits will remain high in the absence of a comprehensive fiscal reform, weakening its public finances and increasing 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 over the next 12 months if Costa Rica's external position were to deteriorate beyond our current expectations, potentially reflecting the impact of continued high fiscal deficits and adverse external shocks. On Feb. 23, 2017, 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 'B'
