Costa Rica Credit Ratings & Outlooks

Country	Moody's	S&P	Fitch	DBRS	Scope Ratings
Costa Rica	Ba2 Stable	BB Stable	BB Positive	NR	NR

Credit Rating History

Country	Date of Change	Rating Agency	Previous Rating	Previous Outlook	Current Rating	Current Outlook
Costa Rica	Oct 22, 2025	S&P	BB-	Positive	BB	Stable
Costa Rica	Sep 24, 2025	Moody's	Ba3	Positive	Ba2	Stable
Costa Rica	Feb 25, 2025	Fitch	BB	Stable	BB	Positive
Costa Rica	Oct 22, 2024	S&P	BB-	Stable	BB-	Positive
Costa Rica	Sep 18, 2024	Moody's	B1	Positive	Ba3	Positive
Costa Rica	Feb 28, 2024	Fitch	BB-	Stable	BB	Stable
Costa Rica	Nov 03, 2023	Moody's	B2	Stable	B1	Positive
Costa Rica	Oct 27, 2023	S&P	B	Stable	BB-	Stable
Costa Rica	Mar 02, 2023	Fitch	B	Negative	BB-	Stable
Costa Rica	Mar 17, 2022	S&P	B	Negative	B	Stable
Costa Rica	Dec 08, 2021	Moody's	B2	Negative	B2	Stable
Costa Rica	Jun 09, 2020	S&P	B+	Negative	B	Negative
Costa Rica	Jun 02, 2020	Moody's	B2	Stable	B2	Negative
Costa Rica	May 08, 2020	Fitch	B+	Negative	B	Negative
Costa Rica	Feb 10, 2020	Moody's	B1	Negative	B2	Stable
Costa Rica	Jan 15, 2019	Fitch	BB	Negative Watch	B+	Negative
Costa Rica	Dec 21, 2018	S&P	BB-	Negative	B+	Negative
Costa Rica	Dec 05, 2018	Moody's	Ba2	Negative Watch	B1	Negative
Costa Rica	Nov 15, 2018	Fitch	BB	Negative	BB	Negative Watch
Costa Rica	Oct 18, 2018	Moody's	Ba2	Negative	Ba2	Negative Watch

Table Key

Grade	Moody's	S&P	Fitch	DBRS	Scope Ratings
Prime	Aaa	AAA	AAA	AAA	AAA
High Grade	Aa1	AA+	AA+	AA (high)	AA+
	Aa2	AA	AA	AA	AA
	Aa3	AA-	AA-	AA (low)	AA-
Upper Medium Grade	A1	A+	A+	A (high)	A+
	A2	A	A	A	A
	A3	A-	A-	A (low)	A-
Lower Medium Grade	Baa1	BBB+	BBB+	BBB (high)	BBB+
	Baa2	BBB	BBB	BBB	BBB
	Baa3	BBB-	BBB-	BBB (low)	BBB-
Non-investment Grade Speculative	Ba1	BB+	BB+	BB (high)	BB+
	Ba2	BB	BB	BB	BB
	Ba3	BB-	BB-	BB (low)	BB-
Highly Speculative Grade	B1	B+	B+	B (high)	B+
	B2	B	B	B	B
	B3	B-	B-	B (low)	B-
Substantial Risk Grade	Caa1	CCC+	CCC+	CCC
	Caa2	CCC	CCC	CCC	CCC
	Caa3	CCC-	CCC-	CCC
Extremely Speculative Grade	Ca	CC	CC	CCC	CC
Extremely Speculative Grade			C	CCC	C
In Default with Little Prospect for Recovery		CD	RD	RD
In Default		SD		SD
	C	D	D	D	D
			DD	DD
			DDD	DDD
Not Rated	NR	NR	NR	NR	NR

FAQ

What is Costa Rica’s current credit rating?

Costa Rica’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Costa Rica’s credit risk.

Has Costa Rica’s credit rating changed recently?

This page lists the latest rating and outlook actions for Costa Rica, showing when each agency last reviewed or changed its assessment.

Why does Costa Rica’s credit rating matter to investors?

Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Costa Rica's bond yields, currency, and equity flows as investors reassess risk.

How does Costa Rica’s rating compare to other countries?

You can explore how Costa Rica ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.

What do outlooks like Positive, Stable, and Negative mean?

They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk

What is the difference between investment grade and speculative grade?

Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.