S&P Global has kept Panama’s long-term rating at BBB- with a stable outlook — the lowest rung of investment grade. Panama’s Ministry of Finance called the decision the result of the government’s fiscal discipline.
Photo: PanaVera
The agency noted the narrower budget deficit, the targets met under the fiscal responsibility law and the pension reform of March 2025. S&P expects the economy to grow about 4.5% in 2026 and about 4% in 2027–2029, driven by the Canal, private construction, aviation and tourism.
