S&P gives BBB+ to Banco Nacional de Panama notes

S&P said it assigned a BBB+ long-term issue-level rating to Banco Nacional de Panama’s (Banconal; BBB+/negative/A-2) proposed senior unsecured notes for up to $1 billion with a maturity profile of up to 10 years.

The bank will use the proceeds primarily to extend the maturity profile of its funding base and improve its liquidity gap, for working capital, and for loans to support Panamanian economy and banking system, S&P said.

“Considering the proposed notes, we continue to believe that Banconal's funding and liquidity profiles remain as main credit strengths,” S&P said in a news release.

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