The Fitch financial rating service has downgraded four Costa Rican banks from stable to negative. Also downgraded was the financial outlook for the Banco Internacional de Costa Rica in Panamá, which is operated by Banco de Costa Rica and Banco Nacional.
The rating service said that the action was normal considering that the outlook for Costa Rica has been downgraded to negative. Three of the banks, Banco de Costa Rica, Banco Nacional and Banco Popular, are state entities, and the fourth bank, Banco BAC San Jose, S.A., is private but its outlook is subject to the government’s high level of influence over the financial sector and the broader operating environment, Fitch said.
The bank ratings most likely would be upgraded if the country’s rating was improved, said Fitch.