Moody’s rates Banconal notes Baa1

Moody’s Investors Service said it assigned Banco Nacional de Panama (Banconal) long- and short-term deposit ratings of Baa1/Prime-2, together with a standalone baseline credit assessment of baa2.

Moody's also assigned Banconal long- and short-term counterparty risk assessments of Baa1(cr)/Prime-2(cr) and long- and short-term counterparty risk ratings of Baa1/P-2.

The outlook is stable.

At the same time, Moody's assigned a Baa1 long-term foreign currency debt rating to Banconal's proposed senior unsecured 144A/Reg S notes of up to $1 billion, with a stable outlook.

Banconal's Baa1 ratings incorporate the bank's stable and inexpensive funding base, its strong and high-quality liquidity and capitalization, which reflect its role as the financial agent for the Government of Panama, the agency said.

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