Moody’s: Panama Canal bonds A2

Moody’s Investors Service said it assigned a definitive rating of A2 to Autoridad del Canal de Panama’s issuance of $450 million senior unsecured bonds.

The group is also known as the Panama Canal Authority.

The outlook is stable.

The proceeds will be used to finance part of the construction of a new bridge crossing the Panama Canal on its Atlantic Ocean end, Moody’s said.

The definitive A2 rating is based on a review of final documentation and confirmation that the final terms and conditions are not materially different from the drafts reviewed, the agency said.

The rating reflects the unique position of the canal as an infrastructure asset with an incomparable geographic advantage and business model, Moody’s said.

Within its unique market, the authority enjoys an exceptionally strong operating position providing passage and connecting the Atlantic and the Pacific oceans, the agency said.

The canal serves as a strategic maritime trade route enjoying a central role in global trade, Moody’s said.

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