Fitch Rates Panama's US$1.25B 2024 Bonds 'BBB'

NEW YORK--()--Fitch Ratings has assigned a 'BBB' rating to Panama's US$1.25 billion bonds maturing Sept. 22, 2024. The bonds have a coupon rate of 4%.

The net proceeds from the issuance of bonds will be used to fund Panama's 2014 budgetary expenditures and a portion may be used for pre-funding the 2015 budget.

KEY RATING DRIVERS

The rating is in line with Panama's long-term foreign currency Issuer Default Rating (IDR) of 'BBB' with a Stable Outlook.

RATING SENSITIVITIES

The rating would be sensitive to any changes in Panama's long-term foreign currency IDR. On March 7, 2014, Fitch affirmed Panama's long-term foreign currency IDR at 'BBB' with a Stable Outlook.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Sovereign Rating Methodology' (Aug. 12, 2014);

--'Country Ceilings' (Aug. 28, 2014).

Applicable Criteria and Related Research:

Sovereign Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754428

Country Ceilings

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=752194

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=874054

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Primary Analyst
Shelly Shetty
Senior Director
+1-212-908 0324
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Erich Arispe
Director
+1-212-908-0165
or
Committee Chairperson
Tony Stringer
Senior Director
+ 44 203 530 1219
or
Media Relations
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Shelly Shetty
Senior Director
+1-212-908 0324
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Erich Arispe
Director
+1-212-908-0165
or
Committee Chairperson
Tony Stringer
Senior Director
+ 44 203 530 1219
or
Media Relations
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com