Arguing that the country has a diversified economy which has contributed to sustained GDP growth, Standard and Poor´s raised the rating from BBB to BBB+, with a stable outlook.

Economic diversification has also allowed per capita income to double in the last decade, one of Standard and Poor’s arguments for raising the rating.

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From the Ministry of Finance of Panama statement:

– Standard and Poors considers the diversification of the economy to be positive, which has contributed to double the GDP per capita.

– The country’s trajectory in terms of orderly change of administration, continuous pro-investment economic policies and economic growth has been valued.

– Panama stands out with a sustainable growth of the economy above the peer countries with investment grade.

– The rating agency expects the next administration to continue recent efforts to strengthen regulation, fiscal policy and transparency.

– Since 2012, it is the second time that Panama manages to improve the investment grade rating this year, Moody’s did it first.

The rating agency Standard and Poor´s has improved the rating of the Republic of Panama from BBB to BBB+ with a stable outlook. “This rating is the result of the sustainable economic growth in recent years that Panama has experienced, above peer countries; the diversification of the economy, doubling the GDP per capita; stability in the changes of administration; and efforts to strengthen the transparency and regulations of the financial system,” announced Minister Eyda Varela de Chinchilla, Minister of Economy and Finance.

Read full article (In Spanish).