Moody's Investors Service  has lowered the risk rating of the Panama Canal Authority (ACP) from A1 to A2.  

The action is a consequence of the reduction in the rating of the Government of Panama , which went from Baa1 to Baa2 due to the strong fiscal deterioration in 2020.

The ACP's rating remains three levels above that of the sovereign. Moody's pointed out that the ACP's credit quality is underpinned by a robust institutional framework, corporate governance and international treaties that ensure its operation without interference. However, the action on the rating reflects that the solvency of the ACP is not completely unrelated to the current situation that the Government, the economy and the population of Panama are going through.

The agency noted that despite the new coronavirus pandemic and trade tensions between the United States and China, the ACP's operational and financial performance has been strong, supported by the expansion of the waterway and a new tariff scheme.