We believe that Costa Rica's monetary inflexibility balances its comparatively modest debt burden and good growth prospects. We have affirmed the 'BB/B' foreign-currency and 'BB+/B' local-currency sovereign credit ratings on the republic. The outlook remains stable, largely because we expect Costa Rica's financial profile to stabilize. On Feb. 7, 2011, Standard&Poor's Ratings Services affirmed its 'BB' long-term and 'B' short-term foreign-currency sovereign credit ratings on the Republic of Costa Rica. At the same time, Standard&Poor's also affirmed its 'BB+' long-term and 'B' short-term local-currency sovereign credit ratings on the republic. The outlook remains stable, and the 'BBB-' transfer and convertibility assessment is unchanged. Standard&Poor's also affirmed its 'BB+' ratings on Costa Rica's foreign-currency senior
