Moody’s rating agency has moved the outlook for four Panama state companies, from stable to negative.

In October Moody's said that the lack of reforms in the CSS denotes weaknesses in policy management and represents a factor that, if not corrected, will materially undermine Panama's credit profile and negatively affect the sovereign credit outlook.

This concern led the rating agency to change its outlook on Tocumen International Airport, the Panama Canal Authority (ACP), the Electric Transmission Company (Etesa) and the National Highway Company from stable to negative.