Fitch upgrades Panama

Fitch Ratings said it upgraded Panama's foreign-currency issuer default rating to BBB from BBB-, local-currency issuer default rating to BBB from BBB- and country ceiling to A from A-.

Its foreign-currency short-term issuer default rating was affirmed at F3.

The outlook is revised to stable from positive.

The upgrade reflects Panama's solid economic growth prospects and favorable government debt dynamics, Fitch said.

Panama's highly favorable investment cycle is underpinned by the Canal expansion, an ambitious public investment program and strong foreign-direct investment flows, the agency said.

Panama's growth momentum has outshined that of most of its rating peers and this trend is expected to continue, Fitch said.

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