Fitch Upgrades Costa Rica Banks

Fitch has upgraded the ratings of Banco de Costa Rica (BCR) and Banco Internacional de Costa Rica (Bicsa) to BB+ from BB. The outlook is stable. The upgrades are driven by Costa Rica’s upgraded sovereign rating, since the government is BCR’s sole shareholder. Bicsa’s ratings are being upgraded as they reflect the commercial and operating support it receives from its main shareholder, BCR, Fitch says. Established in 1877, BCR is one of the oldest banks in Central America and the second largest in Costa Rica, with market share by assets of 20% as of December 2010. Established in Panama in 1976, Bicsa specializes in wholesale banking. It has an agency in Miami and representative offices in Guatemala, Nicaragua and El Salvador. The majority of its corporate business is carried out with Costa Rican customers, Fitch says.