Fitch Affirms Panama at 'BBB-'; Outlook Stable

Panama's ratings are supported by its high per capita income, a track record of strong macroeconomic performance featuring high growth rates, and relatively low inflation, supported by a strategic location and asset (the Panama Canal). This is counterbalanced by a relatively narrow government revenue base, an uneven track record of meeting fiscal consolidation targets, susceptibility to global financial conditions due to reliance on external funding