Fitch Ratings has affirmed the Panama Canal Authority’s (ACP) ‘A’ investment grade rating with a stable outlook for its long-term issuer default rating and its senior unsecured notes for the third consecutive year.

The credit rating agency highlighted the canal’s “stable volume performance, solid competitive position, and well-diversified cargo mix, causing [the] ACP’s volume profile to exhibit high levels of resilience.”

In addition, the report noted the canal’s strategic role in global trade flows due to its ability to offer connectivity to world maritime trade, adding value as the main transshipment hub in the region. The waterway’s  “extraordinary legal framework,” contributing to institutional, operational and financial autonomy, has also contributed to the rating decision.

“We are pleased that Fitch Ratings has confirmed the canal’s financial and competitive strength for a third year in a row,” said Panama Canal’s Executive Vice President for Finance and Administration, Francisco J. Miguez.

Last month, Standard & Poor’s (S&P) Global Ratings improved the canal’s outlook from ‘stable’ to ‘positive,’ which further demonstrated its promising global impact. The agency also affirmed its ‘A-‘ rating of the waterway.