Moody's warns Panama fiscal room is shrinking under 'special laws' as it keeps Baa3, while Panama Canal auction slots hit a record US$4 million.
Panama · Economy
Key Facts
—The rating Moody’s affirmed Panama at Baa3, its lowest investment-grade rung, with a negative outlook on November 12-13, 2025.
—The warning Moody’s flagged ‘budgetary rigidities’ from special laws, including a rule fixing education spending at 7% of GDP and mandated salary rises.
—The peers Fitch cut Panama to BB+ (junk) in March 2024, while S&P holds it one notch inside investment grade at BBB-.
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