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PANAMA CITY, Aug. 8 (Xinhua) -- Global rating agency Standard & Poor's (S&P) has awarded the administration of the Panama Canal a long-term "A-" credit rating for corporate credit and debt, about a month after the use of its new extended water route for business, local media reported Monday.
The Panama Canal Authority (ACP), in charge of managing the passageway between the Atlantic and the Pacific oceans since 1999, interpreted the decision of the U.S. financial service company as a show of confidence in the canal's administration, operation and investments.
In its last update report, S&P said the Panama Canal's operating performance and financial results meet expectations.
"We hope that the Panama Canal's operator will keep its exceptionally strong competitive position because it is the most economic and time-saving option for trade routes between the Americas, Asia and Europe," said S&P in a press release.
"We also hope the ACP will benefit from sustainable growth rates of traffic in the coming years amid global economic growth," it said.
The rating agency also announced that the canal keeps its "AA" rating for stand-alone credit profile (SACP), indicating a stable corporate credit rating outlook.
The Panama Canal was extended to double the cargo tonnage of ships passing through in response to new requirements of the maritime industry.
