International Dredging Review

International Dredging Review

Credit rating agency Standard & Poor’s has affirmed the A– long-term corporate credit and senior unsecured debt ratings of Panama’s Canal Authority, ACP, while labeling its outlook as “positive,” it said in late July. “The rating affirmation reflects the company’s aa stand-alone credit profile (SACP) and the rating cap of a maximum of two notches above the sovereign ratings. We expect ACP to generate robust cash flow in the next two years. The expectation is based on the consistency of demand for ACP’s services that’s likely to be driven by growing global economy, and more importantly, by increasing volumes shipped after the canal’s expansion,” the credit rating agency said. Francisco Miguez, Panama Canal executive vice president for Finance and Administration, said the positive outlook reflects Panama’s Canal solid financial and operational performance. “This is the direct result of our commitment to efficiency, productivity and performance – overcoming the challenge of growing in an increasingly competitive market,” the executive said.

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