Persistent budget deficits continue to raise Costa Rica's government debt burden despite the government's efforts to control expenditure. Costa Rica's growth prospects are still favorable, and its exchange rate is gradually becoming more flexible. We are affirming our 'BB/B' long- and short-term foreign and local currency sovereign credit ratings on Costa Rica. The stable outlook reflects our expectation that the government will contain further fiscal deterioration through a combination of higher tax revenues and expenditure controls over the next two years. On Feb. 26, 2015, Standard&Poor's Ratings Services affirmed its 'BB/B' long- and short-term foreign and local currency sovereign credit ratings on the Republic of Costa Rica. The outlook remains stable. We also affirmed our 'BBB-' transfer and
