Panama´s Caja de Ahorros obtains, for the first time, an international investment grade rating from Moody's Investors Services

 

Panama´s Caja de Ahorros obtains, for the first time, an international investment grade rating from Moody's Investors Services

Moody's Investors Services, one of the three main credit rating agencies worldwide, granted Caja de Ahorros the long and short-term international risk rating: Baa2, negative outlook and Prime-2, respectively.

Source: Caja de Ahorros

This rating is based on the bank's solid capital base, the stable profile of its deposit sources and the support of the State.

Juan E. Melillo, general manager of Caja de Ahorros, pointed out that in the last five years, Caja de Ahorros has drawn a clear strategic path by strengthening its finances, as a strategic arm of the National Government. It focuses on local financial positioning and competitiveness, through a solid economic structure, with the aim of attracting more sources of investment and international financing, as a financial hub of the Americas.

In June, Fitch Ratings granted the Caja de Ahorros, for the first time, the international risk rating with Investment Grade BBB- with a stable outlook and at the same time, the local Panamanian rating of AAA and F1 was reiterated in the short term.

In its report, Moody's highlights that, in the last two years, Caja de Ahorros has focused its projects on business diversification, which considers the offer of loans and factoring services to small and medium-sized enterprises (SMEs) and construction projects of social housing.

This international rating places us in the select group of the most solid financial institutions in the Panamanian market, through a more balanced business model and a robust value offer. In 2022 we have a very encouraging year-end projection in terms of product placement and profit generation

As one of the most important banking entities in Panama, Caja de Ahorros has a fundamental role in the development of the national economy, being key to continue fulfilling its noble mission of providing housing solutions and promoting financial inclusion in the noblest sectors of the population, which is possible thanks to the commitment and hard work of its more than 2,200 employees nationwide and the trust of its more than 800,000 clients and good corporate governance practices.