The Fitch Centroamerica, S.A. rating agency is not troubled by Costa Rican actions to put restrictions on credit in Costa Rica.
The Central Bank said in January that it would put a ceiling of 9 percent on the accumulated growth of credit, the rating agency said.
According to Fitch’s estimates, this reform will primarily impact the smaller and private banks and credit and savings unions.
Residential mortgages and consumer loans, the leading growth sectors, will be the most impacted by the credit restriction, according to Fitch. Additionally, this credit restriction will increase the already elevated exposure to securities issued by the state and the Banco Central.
The reform will not alter the rating fundamentals in the majority of cases, said Fitch, adding that, it also foresees that financial institutions whose ratings are based on their intrinsic creditworthiness will be able to sustain the impact of restricted credit growth.