Fitch lifts Panama

Fitch Ratings said it upgraded the Republic of Panama's long-term foreign currency and local currency issuer default ratings to BBB- from BB+.

Both outlooks remain positive.

Fitch said it has also upgraded the short-term foreign currency issuer default rating to F3 from B and the country ceiling to A- from BBB+.

The upgrades reflect a sustained improvement in public finances, underpinned by recent tax reforms, and the economy's resilience to the global financial crisis and associated recession, the agency added.

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