LatinFinance - May/June 2017 - 5

El Salvador's sovereign rating after
Moody's, Standard & Poor's and Fitch
downgraded it in April. The
government skipped a $28.8 million
payment owed to pension funds and
struggled to agree on a new borrowing
framework, raising the risk of a default
on cross-border debt. Previously the
Central American country was rated
B3/B-/B.

El Salvador's sovereign
rating (April 2017)

Caa1/CCC-/CCC

A MAN, A PLAN,
A BOND
Panama plans to raise up to
$1.25 billion in the international
bond market this year, Dulcidio
De La Guardia has told
LatinFinance in an interview.
The country focused at the start
of the year on consolidating its
cash balances into a single
treasury account rather than
raise more debt, De La Guardia,
the country's finance minister,
says. Several of Panama's
neighbors have already taken
advantage of strong market
conditions this year.
"It does not make sense to get
more debt and pay interest
when you have cash in the
bank," De La Guardia says.

Now, with $800 million in debt
maturing this year, Panama is
turning its attention to lowering
its cost of funding and
extending its curve, he says.
"We do not want the average
maturity of Panamanian debt to
be less than 10 years," he says.
With financing needs of around
$2.7 billion this year, Panama
plans to raise around $700
million in the local capital
markets, he adds.

will combine a mini-perm loan
and bond issue, he says.
That fits into President Juan
Carlos Varela's plan to drive
infrastructure investment to
stoke economic growth. The
World Bank forecasts Panama's
economy will expand by 5.4% in
2017.

Additionally, Panama is
finalizing a hybrid transaction to
finance the construction of a
fourth bridge over the Panama
Canal, De La Guardia says.
Panama has hired a bank to
coordinate the financing, which

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Table of Contents for the Digital Edition of LatinFinance - May/June 2017

Contents
LatinFinance - May/June 2017 - Cover1
LatinFinance - May/June 2017 - Cover2
LatinFinance - May/June 2017 - Contents
LatinFinance - May/June 2017 - 2
LatinFinance - May/June 2017 - 3
LatinFinance - May/June 2017 - 4
LatinFinance - May/June 2017 - 5
LatinFinance - May/June 2017 - 6
LatinFinance - May/June 2017 - 7
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LatinFinance - May/June 2017 - 48
LatinFinance - May/June 2017 - Cover3
LatinFinance - May/June 2017 - Cover4
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