Despite the market downturn, larger nations such as Brazil have attained investment-grade status. And now a smaller Latin American state, Panama, is finally on track to join the investment-grade club in 2010.
In late 2007 Citigroup took a positive stance on the country. Its bullish statement that Panama would reach investment grade by late 2009 was based on improving fiscal accounts, a unique growth trajectory and plans to expand the Panama Canal’s capacity. These growth rates would drive a sharp decline in debt-to-GDP ratios.
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