Moody’s affirms Panama at Baa2

Moody's Investors Service said it affirmed Panama's Baa2 issuer and senior unsecured ratings, as well as provisional Baa2 shelf ratings.

The outlook remains stable.

The key drivers of the affirmation are Panama's continued strong economic performance despite external headwinds and fiscal metrics that remain in line with Baa medians.

The stable outlook reflects Moody’s expectation that Panama will continue to grow at a relatively high – albeit more moderate – rate, outpacing most Baa rated peers. The outlook also incorporates the agency’s expectations that Panama's fiscal metrics are likely to remain stable over the next 12 to 18 months, and to show sustained improvements if accompanied by a strengthening of the fiscal framework.

The action does not impact the country's foreign currency long- and short-term bond and bank deposit ceilings, which remain at A3/P-1.

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