Moody’s ups Panama Canal Railway

Moody’s Ratings said it raised Panama Canal Railway Co.'s global senior secured notes to Ba1 from Ba2.

“The rating upgrade to Ba1 on PCRC's senior secured global notes reflects the approved extension of the concession for an additional 25 years through February 2048 as the Panama Marine Authority confirmed PCRC's compliance on its contractual obligations.

“Additionally, Moody's observes the solid performance and increase in transported container volume due to the transit restrictions imposed in the Panama Canal because of the intense droughts in the region due to El Nino Phenomenon, as a positive credit development supporting credit metrics in the near term,” the agency said in a press release.

The outlook is stable.

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