S&P puts Panama railway on watch

S&P said it placed its ratings on Panama Canal Railway Co. on CreditWatch with negative implications.

The placement follows an accident at the Gamboa Bridge forcing the railway to suspend its operations, the agency said. Management estimates repairs could take 45-60 days, though S&P said in a press release it “believes there’s a lot of uncertainty.”

S&P said it aims to resolve the CreditWatch within 90 days. The agency rates the company and its senior unsecured debt BB-.

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