Fitch rates Panama bonds BB+

Fitch Ratings said it expects to assign a BB+ rating to Panama's soon to be issued amortizing global bonds due 2036. The outlook is stable.

The agency said the Republic of Panama expects to issue $1.363 billion of new 6.7% dollar-denominated amortizing bonds on Jan. 26.

These bonds will be issued in exchange for accepted offers of the $1.062 billion principal amount of 10.75% global bonds due 2020, 9.375% global bonds due 2023 and 8.125% global bonds due 2034.

Dollarization, a stable financial system, moderate debt service needs and the Government's considerable financial and land assets support the sovereign's ratings, the agency said.

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