Fitch downgrades Costa Rica's credit rating

In a move that tarnishes Costa Rica's image as the 'Switzerland of the Americas', Fitch Ratings has confirmed that the country's long-term foreign and local currency ratings now merit a 'BB' and 'BB Plus', respectively. Fitch cites the Costa Rican government's intransigence on the passage of CAFTA and shaky public finances as reasons for the change. article