Fitch affirms Panama

Fitch Ratings said it affirmed the Republic of Panama's long-term foreign currency rating of BB+. Fitch also affirmed the sovereign's long-term local currency rating of BB+, the short-term foreign currency rating of B and the country ceiling of BBB.

The outlook is stable.

"Fiscal slippage beyond what had been anticipated occurred in 2004 in Panama; however, against this, we have seen a strong economic recovery and the new administration's efforts to strengthen public finances, as demonstrated by the prompt passage of a fiscal reform in January and improvements in fiscal transparency," said Theresa Paiz Fredel, director of Latin American Sovereign Ratings at Fitch.

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