Tocumen International Airport achieves “A” credit rating upgrade

Tocumen International Airport, Panama’s main gateway and widely known as the “Hub of the Americas,” has been upgraded from BBB+ to A by BRC Ratings – S&P Global, with its outlook revised to positive. This reflects robust financial and operational management, supported by consistent growth in passenger traffic.

The rating agency highlighted a record of over 19.2 million passengers in 2024, with growth of about 7.2% through July 2025, and projected EBITDA margins of 65% to 70% over the next three years, with leverage levels close to six times EBITDA. It also emphasized the airport’s strong liquidity position, sufficient to cover obligations, operations, and investments, along with the support of the Panamanian government, reinforcing its role as a strategic national asset.

This recognition strengthens investor confidence, enhances Tocumen’s financial profile in international markets, and confirms Panama’s role as a premier hub for air connectivity and logistics in Latin America.

At Patton, Moreno & Asvat, we welcome this achievement and reaffirm our commitment to supporting clients in infrastructure, financing, and corporate development projects that enhance connectivity and sustainable economic growth in the country.