Panama’s ETESA Outlook Improves to Positive in Fitch Ratings.

The Electric Transmission Company, SA (ETESA) reported that Fitch Ratings awarded it a long-term international foreign currency rating of ‘B’ and changed its outlook from stable to positive.  In a press release, Etesa stated that this review represents a “clear” favorable sign regarding the evolution of ETESA’s credit profile and reflects, according to Fitch Ratings, factors associated with the evolution of the sovereign rating of the Republic of Panama, the company’s relationship with the Government, and expectations regarding the strengthening of its credit quality. 

Fitch Ratings also recognizes ETESA’s strategic importance within the national electricity system, as well as its fundamental role in the development, operation and maintenance of the country’s electricity transmission infrastructure.  Similarly, the agency highlights ETESA’s liquidity position and its ability to meet its financial obligations, elements that contribute to supporting the company’s financial profile.  Furthermore, S&P Global – National Ratings recently also changed the rating of ETESA’s US$300 million bond issue to ‘paAAA’, with a stable outlook, a level that corresponds to the maximum of S&P Global’s national scale for Panama.  

Along the same lines, the S&P Global assessment highlights, among other factors, the support of the Government of Panama, the strategic importance of ETESA, its position as the exclusive operator of national electricity transmission, its adequate liquidity and its access to capital and debt markets.  ETESA’s General Manager, Engineer Roy Morales, pointed out that the positive outlook rating is the result of a management that works with commitment, planning, and a focus on clear objectives.  Morales pointed out: “At ETESA there is a whole team of women and men who work from different angles, committed to the development of the country and with the goal of offering a quality and uninterrupted service.”