14-Mar-2019
MOODY’S UPGRADES CANAL’S LONG-TERM RATING
Panama Canal, Panama
TRAFFIC SUSPENSION
Dardanelles, Turkey
Moody’s upgrades Canal’s long-term rating
Thursday, March 14, 2019, Panama Canal, Panama
Moody’s Investors Service upgraded the 20-year $450 million Senior Unsecured Bonds issued by the Panama Canal Authority (ACP) to A1 from A2, with a stable outlook, based on the waterway’s strong performance since the expansion’s inauguration.
Moody’s noted that the Expanded Canal has increased overall tonnage and attracted new market segments, contributing to the waterway’s strong performance. According to Moody’s, “stronger cash flow generation coupled with a relatively low leverage has resulted in very solid financial metrics.”…
…The credit rating agency noted that the rating “is one-notch above the A2 sovereign ceiling of Panama and three notches above the rating of the Government of Panama (Baa1 stable), implying low risk of moratorium restrictions and capturing the Canal’s very strong credit profile with a substantial international component of its revenues.”
In August 2018, Fitch Ratings affirmed the ACP ‘A’ investment grade rating with a stable outlook for its long-term issuer default rating and its senior unsecured notes. In July 2018, Standard & Poor’s (S&P) Global Ratings improved the Canal’s outlook from ‘stable’ to ‘positive,’ and also affirmed its ‘A-‘ rating of the waterway.
(For information about operations in the Panama Canal contact GAC Panama at alexei.oduber@gac.com)
Source: Panama Canal Authority Advisory Press Release dated 12 March 2019
Traffic suspension
Thursday, March 14, 2019, Dardanelles, Turkey
Vessel traffic in the Dardanelles will be suspended between 08:00 and 18:00 hours local time on 16 and 18 March, for the rehearsal and the ceremony for the Canakkale Victory and Martyrs’ Day.
For information about operations in the Turkish Straits, contact GAC Istanbul at turkey@gac.com
