Fitch Affirms Panama’s Investment Grade

Fitch Ratings has affirmed the International Qualifications at 'BBB', long-term foreign currency at 'BBB', long-term local currency at 'F3', short-term foreign currency at 'F3', and the Country Ceiling as 'A'.

Tuesday, June 5, 2012

From a statement by Fitch:

Fitch Ratings has affirmed the international ratings (RDI) and the country ceiling of Panama as follows:

- Classification of long-term foreign currency 'BBB';

- Classification of long-term local currency 'BBB';

- Rated short-term foreign currency 'F3';

- Country ceiling at 'A'.

The ratings outlook remains as ‘stable’.

The 'BBB' ratings for Panama are based on the country’s solid economic performance, which has allowed per capita incomes to converge to the median of their peers rated as 'BBB'. It’s well-established and robust financial sector and dollarization have helped reinforce macroeconomic stability. The sharp decline in government borrowing, boosted by robust economic growth and modest level of fiscal deficit, is also a basis for the ratings.

Panama's ratings are constrained by the still moderately high debt burden, especially considering dollarization, the narrow revenue base and rigid cost structure. Other fiscal challenges for Panama are meeting the goals set by the Fiscal Responsibility Act consistently and achieving sufficient fiscal flexibility to address issues of a social nature in the future.

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