International Dredging Review

International Dredging Review
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Credit rating agency Fitch Ratings has affirmed Panama Canal Authority’s (ACP) “A” investment grade rating with a stable outlook for its long-term issuer default rating and its senior unsecured notes, ACP said in late August. Fitch said Panama Canal’s “stable” volume performance, solid competitive position, and well-diversified cargo mix help it achieve “high levels of resilience.” ACP’s Vice President for Finance and Administration Francisco Miguez said he was pleased to see the canal’s financial and competitive strength confirmed for a third year in a row. “This is the direct result of our hard work and commitment to maintaining profitable operations, while providing customers with reliable, consistent service,” he said. Fitch Ratings also noted Panama Canal’s role into world commerce, and labeled its legal framework as “extraordinary.” Earlier this year, credit rating agency Standard & Poor’s (S&P) improved the canal’s outlook from “stable” to “positive.”