Fitch Ratings reaffirmed its investment confidence in the Panama Canal Authority, giving it an 'A' rating for the third consecutive year.
The New York-based credit rating agency issued a "stable outlook" for the authority's long-term issuer default rating and senior unsecured notes.
Fitch highlighted the waterway's “stable volume performance, solid competitive position, and well-diversified cargo mix, causing [the] ACP's volume profile to exhibit high levels of resilience.”
It also noted the canal’s strategic role in global trade as a connector of world maritime trade and status as the Panama region's main transshipment hub.
“This is the direct result of our hard work and commitment to maintaining profitable operations, while providing customers with reliable, consistent service,"said Francisco Miguez, the authority’s executive vice president for finance and administration.
Fitch also pointed out the canal's extraordinary legal framework and incentive program for sustained profitability.
Standard & Poor’s Global Ratings in July improved the canal’s outlook from stable to positive and affirmed its 'A-' rating.
