Panama Credit Ratings & Outlooks

Country	Moody's	S&P	Fitch	DBRS	Scope Ratings
Panama	Baa3 Stable	BBB- Stable	BB+ Stable	NR —	NR —

Credit Rating History

Country	Date of Change	Rating Agency	Previous Rating	Previous Outlook	Current Rating	Current Outlook
Panama	Nov 26, 2024	S&P	BBB	Negative	BBB-	Stable
Panama	Mar 28, 2024	Fitch	BBB-	Negative	BB+	Stable
Panama	Nov 07, 2023	S&P	BBB	Stable	BBB	Negative
Panama	Oct 31, 2023	Moody's	Baa2	Negative	Baa3	Stable
Panama	Sep 29, 2023	Fitch	BBB-	Negative	BBB-	Negative
Panama	Aug 11, 2023	S&P	BBB	Negative	BBB	Stable
Panama	Oct 25, 2022	Moody's	Baa2	Stable	Baa2	Negative
Panama	Aug 04, 2021	S&P	BBB	Stable	BBB	Negative
Panama	Mar 17, 2021	Moody's	Baa1	Negative	Baa2	Stable
Panama	Feb 03, 2021	Fitch	BBB	Negative	BBB-	Negative
Panama	Nov 24, 2020	S&P	BBB+	Negative	BBB	Stable
Panama	Oct 20, 2020	Moody's	Baa1	Stable	Baa1	Negative
Panama	Apr 24, 2020	S&P	BBB+	Stable	BBB+	Negative
Panama	Feb 06, 2020	Fitch	BBB	Stable	BBB	Negative
Panama	Apr 29, 2019	S&P	BBB	Positive	BBB+	Stable
Panama	Mar 08, 2019	Moody's	Baa2	Positive	Baa1	Stable
Panama	Jul 02, 2018	S&P	BBB	Stable	BBB	Positive
Panama	Sep 29, 2017	Moody's	Baa2	Stable	Baa2	Positive
Panama	Oct 31, 2012	Moody's	Baa3	Positive	Baa2	Stable
Panama	Jul 02, 2012	S&P	BBB-	Positive	BBB	Stable

Table Key

Grade	Moody's	S&P	Fitch	DBRS	Scope Ratings
Prime	Aaa	AAA	AAA	AAA	AAA
High Grade	Aa1	AA+	AA+	AA (high)	AA+
	Aa2	AA	AA	AA	AA
	Aa3	AA-	AA-	AA (low)	AA-
Upper Medium Grade	A1	A+	A+	A (high)	A+
	A2	A	A	A	A
	A3	A-	A-	A (low)	A-
Lower Medium Grade	Baa1	BBB+	BBB+	BBB (high)	BBB+
	Baa2	BBB	BBB	BBB	BBB
	Baa3	BBB-	BBB-	BBB (low)	BBB-
Non-investment Grade Speculative	Ba1	BB+	BB+	BB (high)	BB+
	Ba2	BB	BB	BB	BB
	Ba3	BB-	BB-	BB (low)	BB-
Highly Speculative Grade	B1	B+	B+	B (high)	B+
	B2	B	B	B	B
	B3	B-	B-	B (low)	B-
Substantial Risk Grade	Caa1	CCC+	CCC+	CCC
	Caa2	CCC	CCC	CCC	CCC
	Caa3	CCC-	CCC-	CCC
Extremely Speculative Grade	Ca	CC	CC	CC	CC
Extremely Speculative Grade			C	CC	C
In Default with Little Prospect for Recovery		CD	RD	RD
In Default		SD		SD
	C	D	D	D	D
			DD	DD
			DDD	DDD
Not Rated	NR	NR	NR	NR	NR

FAQ

What is Panama’s current credit rating?

Panama’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Panama’s credit risk.

Has Panama’s credit rating changed recently?

This page lists the latest rating and outlook actions for Panama, showing when each agency last reviewed or changed its assessment.

Why does Panama’s credit rating matter to investors?

Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Panama's bond yields, currency, and equity flows as investors reassess risk.

How does Panama’s rating compare to other countries?

You can explore how Panama ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.

What do outlooks like Positive, Stable, and Negative mean?

They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk

What is the difference between investment grade and speculative grade?

Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.