Fitch changes ENA Norte view

Fitch Ratings said it affirmed ENA Norte Trust's $600 million notes at BB.

The outlook was revised to negative from stable.

The standalone credit profile was assessed at b+.

The national scale rating of A+(pan) with a stable outlook is not affected by the revision of the sovereign rating, as it reflects ENA Norte's credit quality relative to other rated issuers and issuances within Panama, Fitch said.

“The negative outlook mirrors the recent revision of Panama's sovereign rating outlook to negative from stable, given the exposure of the project to the dynamics of the economy of the country and the links between ENA Norte Trust and the Panamanian government,” the agency said in a news release.

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