Standard & Poor's affirmed its BBB long-term sovereign foreign currency credit rating on Panama citing strong economic growth prospects. "The outlook on the long-term rating remains stable, reflecting our expectation that the government will keep implementing its investment plans and sustain good economic growth rates," S&P said in a statement.

S&P said the increased economic diversification and stable macroeconomic environment balances against what is a small, open economy "that is vulnerable to swings in global economic conditions; underdeveloped but growing domestic capital market; and developing political institutions." Economic growth is seen growing by 7.5% in 2013 and about 6% to 7%, on average, until 2016.