The Aftermath of the Odebrecht CaseMoody's estimates lower economic growth in Panama in the short term, due to the potential negative impact of the delay in investments and the possible cancellation of large projects awarded to the Brazilian construction company.Thursday, May 18, 2017
Although the controversial Brazilian company, accused of having developed a worldwide corruption network, had interests in several Latin American countries, it was in Panama that a large number of its projects were concentrated, ranging from the urban renewal of Colón, currently under development and with a estimated value of $500 million, to the contract to build the hydroelectric station Chan II, estimated at $1 billion and recently canceled by the Varela administration. Source: Prensa.com Odebrecht's Hydroelectric Concession RecalledJanuary 2017 The construction company has one week to respond to the proposal put forward by the Panamanian government, which is geared towards cancelling the award of the Chan II hydroelectric station at no cost to the State. Odebrecht Downrated AgainJanuary 2017 Fitch Ratings has downgraded Brazilian construction firm from B- to CC, arguing that the revelations about bribes "have exacerbated its reputational risk". Odebrecht's Financial Picture Gets More ComplicatedOctober 2016 Moody's has downgraded the Brazilian construction company and does not foresee its financial profile significantly recovering over the next 12 months. Doubts Over Tender for Urban Renewal of ColonJune 2015 The Housing Ministry is evaluating the possibility of suspending the award ceremony scheduled for June 26 because Odebrecht is part of one of the three consortia who are participating in it.
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