Tocumen International Airport Achieves Highest National Credit Rating

Tocumen International Airport has achieved the highest national credit rating, paAAA, with a stable outlook from S&P National Ratings, the top tier within Panama's national scale. This prestigious rating underscores the airport's critical function as the primary entry point to Panama and its significant role in the region's air connectivity system.

The rating agency's assessment is based on the airport administration's demonstrated ability to sustain operational growth, execute long-term infrastructure development plans, and maintain a robust financial standing. S&P National Ratings projects that Tocumen Airport will continue to generate consistent revenue between 2026 and 2027, with an estimated EBITDA between US$200 million and US$240 million. The agency also noted the airport's adequate liquidity position and financial flexibility to meet its obligations.

In recent years, Tocumen's credit profile has steadily improved, moving from BBB+pa to paA, culminating in the current top rating. S&P's updated methodology in June 2026 explicitly incorporated an assessment of governmental support. For Tocumen, this factor weighs heavily due to its strategic importance and close ties to the Panamanian state, aligning its rating with the country's sovereign rating.

The financial report further emphasizes the investments outlined in the airport's master development plan, aimed at enhancing its infrastructure to accommodate projected passenger traffic growth. Tocumen has also recently been recognized for its punctuality, being listed by Cirium as the world's most punctual medium-sized airport and ranking first in the AirHelp Score 2026. Tocumen General Manager José Ruiz Blanco stated that this rating reflects the organization's performance in strengthening finances, operations, and infrastructure, preparing the terminal for future demand in the logistics and passenger transport sectors.

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The paAAA category indicates that the issuer has an extremely strong capacity to meet its financial commitments in the local market on time.