Standard & Poor's credit rating for Panama stands at BBB with positive outlook. Moody's credit rating for Panama was last set at Baa2 with positive outlook. Fitch's credit rating for Panama was last reported at BBB with stable outlook. In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of Panama thus having a big impact on the country's borrowing costs. This page includes the government debt credit rating for Panama as reported by major credit rating agencies.



AgencyRatingOutlookDate
TE60 Stable Jul 02 2018
S&PBBB Positive Jul 02 2018
TE60 Stable Jul 02 2018
TE60 Stable Sep 29 2017
Moody'sBaa2 Positive Sep 29 2017
TE60 Stable Sep 29 2017
TE60 Stable Apr 16 2016
TE60 Stable Apr 16 2016
TE60 Stable Apr 16 2016
TE60 Stable Apr 22 2014
TE60 Stable Apr 22 2014
TE60 Stable Mar 21 2014
TE60 Stable Mar 21 2014
TE60 Stable Oct 15 2013
TE60 Stable Oct 15 2013
TE60 Stable Jul 18 2013
TE60 Stable Jul 18 2013
TE60 Stable Jun 10 2013
TE60 Stable Jun 10 2013
TE58 Stable Oct 31 2012
Moody'sBaa2 Stable Oct 31 2012
TE58 Stable Oct 31 2012
S&PBBB Stable Jul 02 2012
TE56 Positive Jul 02 2012
TE56 Positive Jul 02 2012
TE56 Positive Nov 28 2011
TE56 Positive Nov 28 2011
TE56 Positive Aug 05 2011
TE56 Positive Aug 05 2011
TE56 Positive Aug 04 2011
TE56 Positive Aug 04 2011
Moody'sBaa3 Positive Aug 04 2011
TE56 Positive Aug 02 2011
TE56 Positive Aug 02 2011
TE56 Stable Jul 21 2011
TE56 Stable Jul 21 2011
S&PBBB- Positive Jul 21 2011
TE56 Stable Jul 14 2011
TE56 Stable Jul 14 2011
TE56 Stable Jul 13 2011
TE56 Stable Jul 13 2011
FitchBBB Stable Jun 02 2011
TE55 Stable Jun 02 2011
TE55 Stable Jun 02 2011
TE55 Stable Apr 18 2011
TE55 Stable Apr 18 2011
Moody'sBaa3 Stable Jun 09 2010
TE53 Stable Jun 09 2010
TE53 Stable Jun 09 2010
TE51 Positive May 25 2010
TE51 Positive May 25 2010
S&PBBB- Stable May 25 2010
FitchBBB- Positive Mar 23 2010
TE50 Positive Mar 23 2010
TE50 Positive Mar 23 2010
TE50 Positive Feb 12 2010
TE50 Positive Feb 12 2010
Moody'sBa1 Positive Watch Feb 12 2010
S&PBB+ Positive Nov 09 2009
TE50 Stable Nov 09 2009
TE50 Stable Nov 09 2009
TE48 Positive Feb 26 2008
TE48 Positive Feb 26 2008
S&PBB+ Stable Feb 26 2008
FitchBB+ Positive Jan 29 2008
TE48 Positive Jan 29 2008
TE48 Positive Jan 29 2008
TE48 Stable May 03 2007
TE48 Stable May 03 2007
S&PBB Positive May 03 2007
S&PBB Stable Feb 18 2005
TE48 Negative Feb 18 2005
TE48 Negative Feb 18 2005
TE48 Negative Dec 03 2003
TE48 Negative Dec 03 2003
FitchBB+ Stable Dec 03 2003
S&PBB Negative Mar 10 2003
TE48 Stable Mar 10 2003
TE48 Stable Mar 10 2003
TE48 Stable Oct 24 2002
TE48 Stable Oct 24 2002
FitchBB+ Negative Oct 24 2002
FitchBB+ Negative Watch Sep 04 2002
TE48 Stable Sep 04 2002
TE48 Stable Sep 04 2002
TE50 Stable Nov 20 2001
TE50 Stable Nov 20 2001
S&PBB Stable Nov 20 2001
TE50 Stable Sep 21 2000
FitchBB+ Stable Sep 21 2000
TE50 Stable Sep 21 2000
TE50 Stable Jul 20 2000
TE50 Stable Jul 20 2000
FitchBB+ N/A Jul 20 2000
S&PBB+ Stable Jul 06 2000
TE50 Negative Jul 06 2000
TE50 Negative Jul 06 2000
TE50 Negative Feb 14 2000
TE50 Negative Feb 14 2000
FitchBB+ Negative Watch Feb 14 2000


 S&PMoody'sFitchDBRSTE
B+ B1 35
BBB BBB+ 60
B- B3 B 28
B B2 B B 31
B1 B+ 35
BBB+ BBB- 60
AAA Aaa AAA AAA 100
AA+ Aa1 AA+ AAA 96
BB+ Ba2 BB+ 50
BB+ Baa3 52
B+ B2 BB- 36
BB- Ba3 BB- 40
SD Caa3 15
B B3 B 26
AA Aa3 AA- AA (high) 88
B- B3 20
B+ N/A 30
A+ A2 N/A 78
BB- Ba3 BB- 41
B B3 28
A- A2 72
BB- Ba2 BB- BB (low) 42
BBB- Baa2 BBB 58
B 25
N/A B2 30
B B2 B 30
AAA Aaa AAA AAA 99
B B 30
Aa3 85
A+ A1 A N/A 80
A+ A1 A+ A (high) 81
BBB- Baa2 BBB BBB 58
CCC+ B3 22
BB- Ba2 BB 43
BB+ Ba2 BB+ 48
Caa2 15
BBB- Ba2 BBB- BB 48
AA- A1 AA- 81
AAA Aaa AAA AAA 100
BB- Ba3 BB- 38
B- B3 B- 26
B B3 B 28
CCC+ B3 B- 21
AA- A1 AA- AA (low) 81
B B1 B 31
AA Aaa AAA AAA 98
B+ Ba3 35
AA+ Aa1 AA+ AA (high) 96
AA Aa2 AA AAA 92
N/A Caa1 B 26
BB- Ba2 BB- 41
AAA Aaa AAA AAA 100
B B3 B 26
B+ B3 BB- B (high) 30
SD
BB- Ba1 BB 46
BB- B1 35
AA+ Aa2 AA+ 95
BBB- Baa3 BBB- 55
A A3 A 73
BBB- Baa2 BBB- BBB 56
BBB- Baa2 BBB 56
B- Caa1 B- 25
A+ A2 A+ A (high) 76
N/A Aa2 92
AA- A1 A+ 80
BBB Baa3 BBB BBB (high) 62
Ba3 B+ 38
B B3 B 28
A+ A1 A A 77
B+ B1 37
BBB- Baa3 BBB 56
B+ B2 B+ 35
AA Aa2 AA 90
NR B2 30
A A3 A- A (low) 70
B- B3 B- 28
B+ 35
AAA 100
A A3 A- A (low) 71
AAA Aaa AAA AAA 100
Aa3 AA 85
BB- BB 42
A- A3 A- 70
B2 B+ 32
A- A3 A+ A (high) 73
Baa1 65
BBB+ A3 BBB+ BBB (high) 65
B3 25
B B3 B 26
B+ B1 35
BBB- 55
BBB- Ba1 BBB- 53
SD Caa3 RD 12
Ba1 BB+ 52
AAA Aaa AAA AAA 100
AA Aaa AA 93
B- B2 B 30
B B2 B+ 31
AAA Aaa AAA AAA 99
BB Baa3 BBB- 53
B B3 B 28
BBB Baa2 BBB 60
B B2 32
BB Ba1 BB 46
BBB+ A3 BBB+ N/A 65
BBB Baa2 BBB 60
A- A2 A- A 71
BBB- Baa3 BBB BBB 56
D 0
AA- Aa3 AA- 85
B- Caa2 CC 23
BBB- Baa3 BBB- 55
BBB- Ba1 BBB- 51
B B2 B+ 31
BBB- 55
A- A1 A+ 78
B+ Ba3 37
BB Ba3 BB 38
BB- 40
AAA Aaa AAA AAA 98
A+ A2 A+ A (high) 78
A+ Baa1 A- A 72
B3 25
BB Baa3 BB+ 50
AA Aa2 AA- 86
A- Baa1 A- A 68
B+ B1 B+ 35
B3 25
B B2 B- 28
B2
AAA Aaa AAA AAA 99
AAA Aaa AAA AAA 100
AA- Aa3 AA- 83
B- B3
B1
BBB+ Baa1 BBB+ 65
BBB+ Ba1 57
N/A B2 B+ 35
B+ Ba3 BB BB (high) 43
B B2 B+ 33
B- Caa2 B- 20
AA Aa2 AA 90
AA Aa2 AA AAA 93
AA+ Aaa AAA AAA 98
BBB Baa2 BBB- BBB (low) 55
SD C RD 12
BB- Ba3 BB 40
B- Caa1 B- 34


Ratings

TE S&P Moody's Fitch DBRS Description
100 AAA Aaa AAA AAA Prime
95 AA+ Aa1 AA+ AA (high) High grade
90 AA Aa2 AA AA
85 AA- Aa3 AA- AA (low)
80 A+ A1 A+ A (high) Upper medium grade
75 A A2 A A
70 A- A3 A- A (low)
65 BBB+ Baa1 BBB+ BBB (high) Lower medium grade
60 BBB Baa2 BBB BBB
55 BBB- Baa3 BBB- BBB (low)
50 BB+ Ba1 BB+ BB (high) Non-investment grade
speculative
45 BB Ba2 BB BB
40 BB- Ba3 BB- BB (low)
35 B+ B1 B+ B (high) Highly speculative
30 B B2 B B
25 B- B3 B- B (low)
20 CCC+ Caa1 CCC CCC (high) Substantial risks
15 CCC Caa2 CCC Extremely speculative
10 CCC- Caa3 CCC (low) In default with little
prospect for recovery
  CC Ca CC
5 C C C
0 D / DDD   In default
/ DD D
D
Standard & Poor, Moody's, Fitch and DBRS' sovereign debt credit rating is displayed above. In addition, the Trading Economics (TE) credit rating is shown scoring the credit worthiness of a country between 100 (riskless) and 0 (likely to default). Unlike the ratings provided by the major credit agencies, our index is numerical because we believe it is easier to understand and more insightful when comparing multiple countries. Arguably, our ratings are less likely to be manipulated because they are unsolicited and we are not paid in any way to provide countries with a rating. Technically, our ratings are based on a forward looking macro economic model which takes into account several leading economic indicators, financial markets and very little discretion. If you have any question please email us at contact@tradingeconomics.com


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