Fitch: Panama's debt now investment-grade

March 24, 2010

Forbes.com

PANAMA CITY - Panama has earned an investment-grade credit rating from Fitch Ratings for the first time.

Fitch is raising Panama by one notch to "BBB-minus."

Fitch said Tuesday that this reflects a sustained improvement in public finances in the Central American nation.

It also cited recent tax reforms and the country's economic resilience amid the global financial crisis.

The upgrade is a victory for conservative President Ricardo Martinelli, who has pushed two tax reforms through Congress since taking office last year.