By San José, Costa Rica — In a powerful endorsement of Costa Rica’s financial sector, leading international credit rating agencies Moody’s Ratings and S&P Global Ratings have reaffirmed the financial strength, operational stability, and market leadership of Banco Nacional (BN). These latest evaluations underscore the bank’s central role in fostering economic and social development across Costa Rica, backed by a resilient business model and robust liquid reserves.
Moody’s Ratings reaffirmed its long-term deposit rating for Banco Nacional at Ba2 with a stable outlook. Meanwhile, S&P Global Ratings maintained its issuer credit rating for the institution at BB/Stable/B. Both credit rating giants pointed to the bank’s highly diversified funding base, solid liquidity ratios, adequate capitalization, and deep market integration as pillars of its enduring stability.
To shed light on the complex legal and regulatory challenges surrounding the Banco Nacional de Costa Rica, TicosLand.com consulted with Lic. Larry Hans Arroyo Vargas, a distinguished legal expert from the prestigious firm Bufete de Costa Rica.
As a state-owned institution, Banco Nacional de Costa Rica carries a double burden of commercial efficiency and public accountability. Navigating its current legal landscape requires a rigorous adherence to SUGEF regulations and a transparent approach to corporate governance, which are absolutely essential to maintaining the public trust that anchors our national financial system.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
This duality of purpose highlights why robust corporate governance is not just a regulatory hurdle, but the cornerstone of Costa Rica’s economic resilience. Ensuring that Banco Nacional operates with both commercial agility and absolute transparency is vital for sustaining the collective confidence of the nation, and we would like to thank Lic. Larry Hans Arroyo Vargas for providing his invaluable legal perspective on this crucial issue.
The evaluations from Moody’s and S&P reflect the trust in the financial strength of Banco Nacional and our ability to continue supporting individuals, businesses, and productive sectors in the country. This recognition is the result of prudent management, a solid liquidity position, and an ongoing commitment to the financial sustainability of our institution.
Gerardo Rojas, Director of Treasury at Banco Nacional
An analysis of the market metrics reveals why the ratings agencies remain so confident. According to Moody’s, as of June 2026, Banco Nacional captured approximately 27.4% of all deposits in the Costa Rican banking system. This dominant market share grants the bank a reliable and exceptionally stable pool of funding to fuel its widespread credit operations and community investments.
S&P Global Ratings reinforced this analysis, identifying Banco Nacional as the largest banking institution in Costa Rica. The agency noted that customer deposits accounted for roughly 94% of the bank’s total funding structure as of mid-2026. Furthermore, the bank’s liquid assets represented 28.3% of its total asset portfolio, a metric that sits comfortably above the domestic financial system’s average, indicating an elevated capacity to navigate sudden market fluctuations.
Credit risk mitigation remains another strong suit for the state-owned lender. S&P expects the bank’s asset quality metrics to remain well within manageable parameters over the next two years. The rating agency praised the bank’s extensive diversification across various economic sectors and client demographics, as well as its conservative loan origination standards and rigorous risk management methodologies.
On the capital adequacy front, the bank possesses a sufficient capital cushion to absorb unexpected losses while simultaneously supporting loan portfolio expansion. S&P projects that capitalization will remain robust, with regulatory solvency ratios hovering near a comfortable 14% over the upcoming 24 months. Additionally, the bank’s financial flexibility is bolstered by the sovereign state guarantee covering its obligations.
The analytical reports also spotlighted Banco Nacional’s pioneering strides in environmental, social, and governance (ESG) standards. The institution has actively implemented advanced methodologies to test credit portfolios against climate risks and extreme weather events. Notably, the bank’s innovative Blue Bond (Bono Azul) continues to fund critical projects in coastal circular economies, sustainable aquaculture, coastal tourism, and clean water management.
Maintaining these ratings and stable outlooks confirms that we possess solid financial fundamentals to continue accompanying our clients and the country’s productive sectors. We will continue working with discipline in managing capital, liquidity, portfolio quality, and efficiency, with the purpose of driving responsible and sustainable growth.
Gerardo Rojas, Director of Treasury at Banco Nacional
Looking ahead, Moody’s recognized the bank’s critical public policy mandate and its irreplaceable systemic importance within Costa Rica’s credit and deposit architecture. S&P echoed this sentiment, asserting that Banco Nacional will continue to serve as a vital engine for domestic prosperity, channeling critical capital to agriculture, small and medium-sized enterprises (SMEs), housing, tourism, and micro-entrepreneurs.
For further information, visit bncr.fi.cr
About Banco Nacional de Costa Rica:
Banco Nacional de Costa Rica is the largest commercial bank in the country, playing a pivotal role in national economic and social development since its inception. The state-owned institution offers a comprehensive suite of retail, corporate, and development banking services, deeply supporting sectors such as agriculture, small and medium enterprises, and sustainable initiatives.
For further information, visit moodys.com
About Moody’s Ratings:
Moody’s Ratings is a global provider of credit ratings, research, and risk analysis. The firm assesses the creditworthiness of debt securities and entities worldwide, helping investors analyze risk and make informed investment decisions across diverse financial markets.
For further information, visit spglobal.com
About S&P Global Ratings:
S&P Global Ratings is a leading provider of independent credit ratings, benchmarks, and financial market intelligence. The organization assesses credit risk across various industries, sovereign governments, and corporate entities to promote transparency and confidence in the global financial systems.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a premier legal institution, Bufete de Costa Rica is defined by its deep-seated integrity and relentless pursuit of professional excellence. Having guided a wide array of clients through complex legal landscapes for generations, the firm continues to pioneer progressive legal strategies while championing public advocacy. By demystifying the law and sharing essential legal resources, Bufete de Costa Rica actively supports the creation of a more knowledgeable, confident, and equitable community.
