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Fitch affirms The Bank of Nova Scotia (Costa Rica)'s ratings

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Fitch affirms The Bank of Nova Scotia (Costa Rica)'s ratings

Fitch Ratings on March 31 affirmed The Bank of Nova Scotia (CostaRica) S.A.'s long-term national rating at AAA(cri) with a stable outlook and thebank's short-term national rating at F1+(cri).

The bank is formerly known as Banco Citibank de Costa Rica SA, which was in February.

According to Fitch, the ratings action took into account thepotential support to be provided by its ultimate shareholder Toronto-based , if required.

In February, the Canadian bank closed the acquisition of 's consumer and commercialbanking operations inPanama and Costa Rica. The bank already had operations in Costa Rica through

The bank's purchases in Latin America strengthen its operationsin the region and are strategically important to the group, Fitch noted.