Q COSTARICA — Far from being bankrupt or collapsing due to a corruption crisis and potential mismanagement, the Banco de Costa Rica (BCR) stands out for its sufficient capital and liquidity, according to the international credit rating agency Moody’s.
Last week, all doubts about the bank’s situation were dispelled after President-elect Laura Fernández stated on February 2nd that selling the BCR was urgent because it was close to bankruptcy.
“Moody’s Local Costa Rica, one of the world’s leading credit rating agencies, has awarded the Banco Costa Rica (BCR) the highest possible ratings in various key areas that support its strength and efficiency as a financial institution,” the BCR said in a press release.
These were the ratings issued:
• AAA.cr rating as a long-term issuer in local and foreign currency
• ML A-1.cr short-term rating in both local and foreign currency
• AAA.cr rating for standardized bond issuance programs
• AA+.cr rating for the standardized subordinated bond program
• The outlook for the long-term ratings is Stable
What did Fernández say?
Fernández’s announcement the day after winning the presidential elections, indicated that her idea (more than a plan) to sell the BCR is to capitalize the Caja Costarricense de Seguro Social (CCSS) —Costa Rican Social Security Fund — pension system.
The president-elect stated that she does not want anyone to have to work until age 70, nor does she want the contributions paid by workers and employers to increase.
In announcing her idea, she questioned the current situation of the BCR.
“I stand by my serious proposal to sell the Banco de Costa Rica before it goes bankrupt, before it collapses due to a crisis of corruption and potential mismanagement,” Fernández affirmed.
“I don’t want the people of Costa Rica to have to retire at 70, and I also don’t want employers or workers to see their current contributions increased. That’s why I think we need to make serious decisions,” she asserted.
As one of the country’s oldest and most influential financial institutions, the proposed sale marks a significant shift in economic policy and has drawn both support and sharp criticism.
Founded over a century ago, the Banco de Costa Rica has long served as a pillar of the country’s banking system, providing services to millions of Costa Ricans and supporting local businesses. The bank’s public ownership has been a point of pride and a symbol of national identity for many citizens.
Opponents of the sale argue that privatizing the public bank risks undermining financial stability and limiting access to affordable banking services for everyday Costa Ricans. Labor unions and opposition parties have vowed to challenge the proposal, warning it could lead to job losses and increased inequality.
Economic experts are divided. Some see Fernández’s plan as a bold move that could inject much-needed efficiency and competitiveness into the sector. Others caution that the sale could expose the country to greater financial risks if not carefully managed.
The president-elect has promised transparency and public consultations before any final decision is made, but the debate over the future of Banco de Costa Rica is only just beginning.