Fitch to rate Costa Rica's upcoming global bond issuance at BB+

Fitch has assigned Costa Rica's upcoming benchmark global bond maturing in 2022 an expected rating of BB+, the ratings agency said in a statement. The expected rating is in line with Costa Rica's foreign currency issuer default rating, which has a stable outlook. The receipts from this issuance will be used for the refinancing of external and domestic debt obligations in 2012 and 2013. A history of political and macroeconomic stability combined with a skilled labor force continues to attract foreign direct investment and foster the development of highly competitive export-oriented industries. Costa Rica's ratings are constrained by the country's narrow and pro-cyclical revenue base, relatively high fiscal deficits and expenditure rigidities, which limit its fiscal flexibility.