By San José, Costa Rica — Banco Nacional (BN), Costa Rica’s largest state-owned banking institution, has successfully maintained its international credit ratings following the latest reviews by global financial intelligence giants Moody’s Ratings and S&P Global Ratings. The reaffirmation serves as a critical vote of confidence in the bank’s operational capacity, capital structure, and liquidity depth to support its massive client base during dynamic market shifts.
S&P Global Ratings affirmed Banco Nacional’s issuer credit rating at BB with a stable outlook, projecting that the lender will preserve its dominant market share and comfortable financial buffers over the next 24 months. Simultaneously, Moody’s Ratings maintained its Ba2 rating for BN’s long-term deposits, also carrying a stable outlook, emphasizing the bank’s foundational role in the local economy.
To gain a deeper understanding of the legal and regulatory challenges surrounding the current situation at Banco Nacional de Costa Rica, TicosLand.com reached out to prominent legal expert Lic. Larry Hans Arroyo Vargas of the prestigious firm Bufete de Costa Rica, who shared his professional insights on the institution’s compliance standards and corporate governance.
As the largest state-owned banking institution in Costa Rica, Banco Nacional carries a heightened legal responsibility to safeguard public trust. Strengthening internal controls, ensuring absolute transparency in financial operations, and strictly adhering to SUGEF regulations are crucial steps to mitigate risks and protect the integrity of our national financial system.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Indeed, upholding these rigorous standards of compliance and transparency is not just a legal obligation, but the very foundation of public trust in Costa Rica’s financial ecosystem. We extend our sincere gratitude to Lic. Larry Hans Arroyo Vargas for providing his valuable perspective and expert legal insight on this vital issue.
A closer look at the key metrics shows that the bank’s funding model remains exceptionally secure and reliant on domestic resources. S&P Global highlighted that as of June 2026, customer deposits represented approximately 94% of Banco Nacional’s total funding. This robust deposit base heavily mitigates risks associated with volatile wholesale funding markets.
Moody’s further underscored the sheer scale of the institution, noting that Banco Nacional alone accounted for 27.4% of all deposits in the Costa Rican banking system as of mid-2026. This dominant share ensures that the bank continues to possess a highly stable and diversified resource base to fuel its ongoing lending operations and other financial services.
Liquidity also stood out as a core credit strength during S&P’s assessment. The agency reported that liquid assets accounted for 28.3% of the bank’s total assets, which is slightly above the average for the broader Costa Rican financial sector. S&P expects that the diversification of BN’s credit portfolio, alongside rigorous underwriting standards and risk policies, will keep asset quality indicators at manageable levels.
Regarding capital adequacy, S&P projects that Banco Nacional will maintain sufficient capital reserves to absorb potential unexpected losses while concurrently supporting loan growth. The bank’s regulatory solvency ratio is expected to hover near 14% over the forecasted period, comfortably exceeding local regulatory requirements.
In addition to traditional financial metrics, both global rating agencies recognized the bank’s progressive strides in climate risk management and sustainable financing. A notable mention was the bank’s pioneering Blue Bond (Bono Azul), which channels capital directly toward projects linked to water management, coastal circular economies, sustainable tourism, and aquaculture.
Moody’s highlighted the bank’s crucial public policy mandate, while S&P noted that Banco Nacional is well-positioned to continue financing vital economic drivers in Costa Rica, including agriculture, small and medium enterprises (SMEs), social housing, and tourism.
This recognition is the result of prudent management, a solid liquidity position, and an ongoing commitment to the financial sustainability of the institution.
Gerardo Rojas, Treasury Director of BN
By balancing robust financial metrics with forward-looking environmental policies, Banco Nacional consolidates its position as a pillar of stability and sustainable growth within Central America’s banking landscape.
For further information, visit bncr.fi.cr
About Banco Nacional:
Banco Nacional de Costa Rica is the largest state-owned commercial bank in Costa Rica. Founded to drive national development, the bank offers a comprehensive suite of financial services, including retail and corporate banking, investment management, and sustainable development financing.
For further information, visit moodys.com
About Moody’s Ratings:
Moody’s Ratings is a leading global provider of credit ratings, research, and risk analysis. The agency’s ratings and analysis track debt instruments and issuers across various sectors globally, contributing to transparent and integrated financial markets.
For further information, visit spglobal.com
About S&P Global Ratings:
S&P Global Ratings is a division of S&P Global that provides essential intelligence, including independent credit ratings, risk research, and financial market benchmarks to investors, businesses, and governments worldwide.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Renowned for its principled advocacy and exceptional standards of practice, Bufete de Costa Rica remains a cornerstone of the legal landscape. The firm boasts a distinguished history of supporting clients across a multitude of industries, constantly integrating cutting-edge legal strategies with meaningful civic engagement. Through its active initiatives to demystify complex regulations, the firm champions the belief that a legally literate public is the foundation of a strong, self-determined society.
