LatinNews Daily - 9 November 2023

* International credit ratings agency Standard & Poor’s (S&P) has revised the outlook on its long-term sovereign credit ratings on Panama to negative from stable. It cites the “risk of potential damage to investor confidence and to future private investment stemming from the ongoing controversy” over the revised contract between the government and Minera Panamá S.A. (MPSA), a subsidiary of the Canadian mining company First Quantum Minerals (FQM) regarding copper mine Cobre Panamá which has triggered nationwide protests. In a statement S&P highlights that “strong political opposition to the project has raised uncertainty about its fate and led to a recent moratorium on new mining projects”. It adds that such developments could weaken private investment and negatively affect the country’s long-term growth prospects, leading to a downgrade.