Panama caps triple crown of the rating agencies
Panama’s credit rating was raised to investment grade by Moody’s Investors Service, which cited “significant improvement” in the country’s fiscal policies and strong economic growth.
Moody’s upgraded the country’s debt ratings to Baa3 from Ba1, matching moves that Fitch Ratings made in March and Standard & Poor’s made in May. The outlook on Panama’s rating is stable, Moody’s said.
Panama plans to cut its public debt to 35 percent of gross domestic product from 45 percent by 2014 as an expansion of the Panama Canal boosts tax revenue and growing investment in the mining industry buoys royalties.
Original source: Bloomberg