Investment Grade Reaffirmed in Panama

Fitch Ratings has affirmed the BBB rating with stable outlook, anticipating the positive effects of the Canal expansion for the logistics sector and for overall economic performance.

Friday, February 20, 2015

From a statement issued by from Fitch Ratings:

Fitch Ratings has affirmed the foreign currency rating for Panama's long-term and local currency issuer ratings at 'BBB'. The issue ratings of unsecured senior bonds in foreign and local currency by Panama are also rated 'BBB'. The outlook for long-term exams is Stable. The country ceiling is affirmed at 'A' and the short-term foreign currency at 'F3'.

Rating Key DRIVERS

Rating Outlook of Stable affirmed for Panama reflects the following factors:

1. Panama's ratings are supported by the success of its dynamic and diversified economy based on services. Fitch expects growth will average around 6% in 2014-2015, the highest rate in the category of 'BBB', with the support of the Panama Canal expansion and its indirect effects on other logistics activities. The increase in foreign direct investment in mining, energy and tourism could further diversify the economy. Trade liberalization and a favorable business climate support a positive outlook for the private sector, although the designation of Panama in the OECD's "gray list" because of inadequate controls on illicit financial activity poses risks to the reputation of some financial services and to integrated business worldwide.

More on this topic

Fitch Lowers Rating Outlook for El Salvador

July 2012

Fitch Ratings has downgraded the economic perspective of the rating, making it negative outlook BB.

From the press release by Fitch Ratings:

Fitch Ratings - New York - July 24, 2012: Fitch Ratings affirms its ratings for El Salvador as follows:
- Long-Term Ratings (IDR) in foreign currency and local currency 'BB';

Fitch Affirms Panama’s Investment Grade

June 2012

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'.

From a statement by Fitch:

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

Fitch Affirms Panama's IDRs at 'BBB'

June 2012

Fitch has affirmed the Issuer Default Ratings (IDRs) and Country Ceiling for Panama as follows: Foreign currency IDR at 'BBB'; Local currency IDR at 'BBB'; Foreign currency short-term IDR at 'F3'; Country ceiling at 'A'.

Fitch Ratings-New York-31 May 2012: Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) and Country Ceiling for Panama as follows:

Fitch Publishes Panama Sovereign Report

May 2010

On March 2010, Fitch Ratings raised Panama’s long-term foreign currency and local currency Issuer Default Ratings (IDRs) to 'BBB-' from 'BB+'.

The upgrades reflect a sustained improvement in public finances, underpinned by recent tax reforms, and the economy's resilience to the global financial crisis and associated recession.

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