Monday, November 21, 2005

Agencia Calificadora asigna rating al Panamá 2026

Bueno, el rating era de esperar...aun no estamos listos para un grado de inversión, pero sigamos remando:

"November 21, 2005 12:15 PM US Eastern Timezone

Fitch Rates Panama's US$980MM Issue Due 2026 'BB+'; Stable Outlook NEW YORK--

(BUSINESS WIRE)--Nov. 21, 2005--Fitch Ratings has assigned a 'BB+' rating to Panama's US$980 million in Global bonds due Jan. 29, 2026. The Rating Outlook is Stable. Proceeds from the bond issue were used to fund a cash tender offer for eligible securities as part of a general program to manage its external liabilities.

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

Dollarization has resulted in a long history of monetary and price stability unseen in other emerging markets. In addition, it limits the probability of a devaluation-induced increase in public debt ratios or a balance of payment crisis. "Despite recent fiscal slippage, a strong economic recovery and the Torrijos administration's efforts to strengthen public finances, as demonstrated by the prompt passage of fiscal reform in January and improvements in fiscal transparency also underpin Panama's sovereign ratings," said Theresa Paiz Fredel, lead analyst for Panama and Director of Latin American Sovereign Ratings at Fitch".

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