Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Panama Canal AuthorityGlobal Credit Research - 14 Feb 2022New York, February 14, 2022 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Panama Canal Authority and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 9 February 2022 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.The credit quality of the Panama Canal Authority (ACP, A2) reflects the distinctive position of the Panama Canal as an infrastructure asset with a unique geographic advantage and business model. Despite the coronavirus pandemic and US-China trade tensions, the ACP's operational and financial performance has been strong, supported by the recent expansion and a new tariff scheme. Long-term challenges arise from changing supply chains and water shortages.The ACP's credit quality is also underpinned by the robust institutional framework, corporate governance and international treaties that ensure its operation without political interference from the Government of Panama's rating (Baa2). The credit profile reflects a long operational history free of political interference, and ACP's policies that ensure the maintenance of prudent business management. However, Moody's views ACP's creditworthiness cannot be completely de-linked from the current stresses facing the government, economy and population of Panama.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodologies used for this review were Privately Managed Ports Methodology published in May 2021 and Government-Related Issuers Methodology published in February 2020. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. 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