Moody’s revises Panama Canal Railway to positive

Moody's Investors Service said it affirmed the Ba2 rating assigned to the senior secured notes issued by the Panama Canal Railway Co. and revised the outlook to positive from stable.

The action affects about $83 million of outstanding debt.

The senior secured notes had an original face value of $100 million and were issued under Rule 144A/Regulation S with a final maturity in 2026.

Moody’s said the action reflects the full and sustainable recovery in container volumes handled by Panama Canal Railway, lower debt levels that have led to improved financial metrics and adequate levels of liquidity reserves.

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