Moody's: ENA Norte notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to the $600 million notes due in 2028 and issued by ENA Norte Trust for the stock purchase of the concession rights to the Corredor Norte project.

The Republic of Panama is further supporting this transaction with approximately $100 million of equity expected to be provided from the budget of the Ministry of Economy and Finance.

Moody's said the Baa3 rating reflects ENA Norte's baseline credit assessment along with a very high default dependence with a strong probability of extraordinary support from the Republic of Panama.

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