Fitch rates Panama bonds BB+

Fitch Ratings said it assigned a long-term foreign currency rating of BB+ to the Republic of Panama's $600 million bond issue maturing in 2015.

Proceeds will be used for prefinancing part of the 2005 budget. The outlook is stable.

Fitch said dollarization, a stable financial system and the government's considerable financial and land assets support the sovereign's ratings.

The ratings remain constrained by the structural weaknesses in public finances, a high level of public sector debt and limited progress on structural reforms, as well as weak social indicators, according to Fitch.

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