S&P affirms ICA Panama

Standard & Poor's said it removed its BBB- senior debt rating on ICA Panama's $150 million 20-year bonds from CreditWatch, where it was placed with negative implications in March and affirmed the rating.

The bonds are backed by the collection rights on revenues of the Corredor Sur Trust toll road, which ICA Panama controls.

The outlook is stable.

The action follows the sovereign upgrade on the Republic of Panama and a review of country risk in Panama, S&P said.

The government announced that it had reached an agreement with Empresas ICA SAB de CV to take control of ICA Panama, which holds the concession to operate the Corredor Sur toll road, the agency said.

be able maintain covenant compliance through EBITDA growth and debt reduction, S&P said.

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