Moody's upgrades Panama Canal

Moody's upgrades Panama Canal

Corporate & Sovereign Strategy Debt Bonds Capital Markets Economy & Policy Panama Central America

Moody's has upgraded the Panama Canal Authority, or ACP, to A1 from A2 with a stable outlook, citing the "strong performance" of the canal after it completed expansion works in 2016. The upgrade applies to $450m in 20-year notes that the ACP issued at 5.09% in September 2015, Moody's said in a report.  From 2007 to 2016, tonnage crossing the canal recorded a compound annual growth rate (CAGR) of 1%. After the expansion, however, tonnage increased by 22% year-on-year in the fiscal year for 2017.

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