On February 10th, 2021, Fitch Ratings issued a new report regarding Panamanian Banks. Some banks obtained a lower risk rating and other maintain the same rating.
The Panama National Bank obtained a lower risk rating from BBB to BBB-, however, the agency stated that the banks’ capital is stable and although its profitability has been reduced it remains among the highest of the Panamanian banking sector.
Banco General also obtained a BBB- rating and maintains a strong profile. Banks such as Credicorp Bank. Global Bank and MMG Bank obtain a BB+ rating.
Banks with foreign capital that operate from Panama, such as Banitsmo, BAC International Bank and Multibank, maintained their BBB- rating.
It’s important to note that the new ratings issued by Fitch Ratings are the direct result of the pandemic on the States’ finances and the national economy.
