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Moody’s Improves Country’s Ranking

July 7, 2006

Investing in Costa Rica is getting safer, according to Moody’s Investors Service, which last week raised the country’s rating from negative to stable.

Local and foreign-currency government bonds now have a “Ba1” rating from the international investment rating service, according to the daily La Nación.

The company’s action is based on Costa Rica’s improved fiscal situation and spending restrictions, the daily reported. This improved position, combined with strong economic growth, will help reduce levels of public dept,Moody’s said.

Finance Minister Guillermo Zúñiga told La Nación the improved rating redoubles the importance of approving fiscal reform and the Central American Free-Trade Agreement with the United States (CAFTA).

Gerardo Corrales, general manager of BAC San José bank, told the daily that the improved rating reflects the greater political stability and economy in the country.

“Passing from negative to stable will make the clouds clear up. Investors will have a panorama that is more clear, and decide to invest in the country.”

 

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