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On December 1, 2015, Moody’s Investors Service affirmed Panama’s Baa2 (investment grade) issuer and senior unsecured ratings, as well as (P) Baa2 shelf ratings. Moody’s based their rating affirmation on Panama’s continued strong economic performance and fiscal metrics that remain in line with its Baa peers.
Moody’s reported the following factors as the major drivers of their rating decision:
Moody’s rating action report indicates that Panama’s Baa2 rating could be upgraded in 12-18 months if the government demonstrates fiscal discipline by adhering to their Social and Fiscal Responsibility Law that caps deficit spending.