Image Courtesy: Panama Canal AuthorityThe ACP’s strong financial performance has resulted in better than anticipated financial metrics, driven by the successful operations of the Expanded Panama Canal, the agency explained.
Moody’s also noted the canal’s strong operating track record and robust growth after the expansion.
“Once again the credit rating agency confirms the great operational and financial strength of the canal and recognizes that the robust institutional structure and governance continue to be key to the success of the Panama Canal Authority,” Francisco J. Miguez, Panama Canal Vice President of Finance, said.
The credit rating agency said that the canal has demonstrated resiliency in times of economic downturn, highlighting that “despite macroeconomic factors, such as sluggish economic global performance, tariff disputes, and a low demand for raw materials in Latin America and Asia, that could negatively impact the canal’s operations, Moody’s estimates tonnage to continue increasing during 2019.”
In August, Fitch Ratings affirmed the ACP A investment grade rating with a stable outlook for its long-term issuer default rating and its senior unsecured notes. In July, Standard & Poor’s (S&P) Global Ratings improved the canal’s outlook from stable to positive, and also affirmed its A- rating of the waterway.
Source: World Maritime News
