S&P affirms Panama

Standard & Poor's said it affirmed the BB+ long-term sovereign credit rating on the Republic of Panama (BB+/stable/B), after the government announced the reopening of two global bond issues maturing in 2015 and 2029.

The outlook remains stable.

Ratings are supported by long-standing monetary stability, a fairly stable macroeconomic environment, consolidation of higher rates of economic diversification and growth, and a growing track record of improving fiscal performance, the agency said.

Ratings are constrained by a small, open economy vulnerable to sharp swings in global economic conditions, budget rigidities that limit policy flexibility and developing political institutions that undermine political flexibility, S&P said.

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