Fitch rates Panama bonds BBB

Fitch Ratings said it assigned a BBB rating to Panama’s $1.25 billion bonds due Sept. 22, 2024.

The bonds have a coupon rate of 4%.

The proceeds will be used to fund Panama’s 2014 budgetary expenditures and a portion may be used for pre-funding the 2015 budget, Fitch said.

The rating is in line with Panama’s long-term foreign-currency issuer default rating of BBB with a stable outlook, the agency said.

The rating would be sensitive to any changes in Panama’s long-term foreign-currency issuer default rating, Fitch said.

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