S&P ups Panama

Standard & Poor's said it raised its long-term sovereign credit ratings on the Republic of Panama to BB+ from BB.

The agency said it also affirmed its B short-term sovereign credit rating on the republic.

The outlook on the long-term ratings is stable.

According to S&P, the ratings are supported by long-standing monetary stability, anchored by the use of the dollar, a fairly stable macroeconomic and political environment, the consolidation of higher trend rates of economic diversification and growth and a growing track record of improving fiscal performances.

The ratings are constrained by a small, open economy vulnerable to sharp swings in global economic conditions and budgetary rigidities that limit policy flexibility, the agency added.

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