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Panama credit rating raised to Positive
LONDON (Thomson Financial) - Standard & Poor's Ratings Services raised its outlook on Panama's sovereign credit rating to positive from stable, while confirming its 'B' rating.
S&P said the raised outlook reflects the likelihood of an upgrade if improvements in fiscal performance endure and if economic diversification continues to boost real gross domestic product (GDP) growth.
After years of lacklustre growth, Panama's economy has consolidated and expanded, marked by real GDP growth at an annual 7.5 pct, which is expected to continue in 2007 and 2008, the release said.
S&P noted that growth has gone beyond the traditional sources of canal transit, Colon Free Zone exports and banking services and moved to port expansion, transshipping activity, telecommunications and tourism.
Also, favourable labour and tax laws have caused a spurt in development of reverted lands and the expansion of the Panama canal has increased economic opportunities, the release said.
http://www.forbes.com/markets/feeds/afx/2007/05/03/afx3682976.html
Source:
Forbes.com
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