Moody's ups Panama to positive

Moody's Investors Service said it revised the outlook on Panama's Baa3 foreign-currency government bond rating to positive from stable.

The outlook revision reflects Panama's continued economic dynamism and positive medium-term growth prospects, Moody's said.

The positive outlook also considers the government's solid balance sheet despite some recent fiscal deterioration and favorable debt dynamics, the agency said.

Moody's said it maintains Panama's long-term country ceiling for foreign- and local-currency bonds ratings of A2, long-term country ceiling for foreign- and local-currency bank deposits ratings of Baa1, short-term country ceiling for foreign-currency debts rating of prime-1 and short-term country ceiling for foreign-currency bank deposits rating of prime-1.

The agency also said it maintained Panama's senior unsecured foreign-currency rating of Baa3, long-term issuer rating of Baa3 and senior unsecured shelf foreign-currency rating of provisional Baa3.

The Panamanian economy has continued to show remarkable and enduring dynamism, Moody's said, and is well-positioned to grow at rates above its potential thanks to the expansion of the Panama Canal and the government's ambitious efforts to improve and modernize the country's infrastructure.

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