{"id":5548,"date":"2025-12-17T03:02:22","date_gmt":"2025-12-17T03:02:22","guid":{"rendered":"https:\/\/www.sutyo.com\/fitch-panama-notunu-sabit-tuttu\/"},"modified":"2025-12-17T03:02:22","modified_gmt":"2025-12-17T03:02:22","slug":"fitch-panama-notunu-sabit-tuttu","status":"publish","type":"post","link":"https:\/\/www.sutyo.com\/tr\/fitch-panama-notunu-sabit-tuttu\/","title":{"rendered":"Fitch, Panama Notunu Sabit Tuttu"},"content":{"rendered":"
\n

Fitch Ratings kredi derecelendirme kurulu\u015fu, 10 Aral\u0131k 2025 tarihinde yay\u0131mlanan de\u011ferlendirme raporuna g\u00f6re, Panama\u2019n\u0131n egemen kredi notunu \u201cBB+\u201d<\/strong> seviyesinde teyit etmi\u015f; Mart 2024\u2019te oldu\u011fu gibi yat\u0131r\u0131m yap\u0131labilir seviyenin alt\u0131nda (non-investment grade) kalmaya devam etti\u011fini ve g\u00f6r\u00fcn\u00fcm\u00fcn dura\u011fan (stable)<\/strong> oldu\u011funu a\u00e7\u0131klam\u0131\u015ft\u0131r.<\/p>\n

Fitch, \u201cPanama\u2019n\u0131n kredi notlar\u0131; ki\u015fi ba\u015f\u0131na d\u00fc\u015fen gayrisafi yurt i\u00e7i has\u0131lan\u0131n y\u00fcksekli\u011fi, d\u00fc\u015f\u00fck enflasyon oran\u0131, dolarizasyon temelli makro-finansal istikrar\u0131 ile lojistik faaliyetlere dayal\u0131 sa\u011flam b\u00fcy\u00fcme beklentileri ve Panama Kanal\u0131 gibi stratejik bir varl\u0131\u011fa sahip olmas\u0131 taraf\u0131ndan desteklenmektedir,\u201d de\u011ferlendirmesinde bulunmu\u015ftur.<\/p>\n

Bununla birlikte kurulu\u015f, bu olumlu unsurlar\u0131n; s\u0131n\u0131rl\u0131 kamu gelir taban\u0131, y\u00fcksek ve artmaya devam eden kamu borcu ile faiz y\u00fck\u00fc, finansman a\u00e7\u0131s\u0131ndan d\u0131\u015f piyasalara a\u015f\u0131r\u0131 ba\u011f\u0131ml\u0131l\u0131k ve zay\u0131f mali \u015feffafl\u0131k d\u00e2hil olmak \u00fczere y\u00f6neti\u015fim ve kamu maliyesindeki yap\u0131sal zay\u0131fl\u0131klar taraf\u0131ndan dengelendi\u011fi uyar\u0131s\u0131nda bulunmu\u015ftur.<\/p>\n

Fitch, h\u00fck\u00fcmetin 2024 y\u0131l\u0131 i\u00e7in tahmin edilen %7,4 seviyesinden, 2025 y\u0131l\u0131nda Gayri Safi Yurt \u0130\u00e7i Has\u0131la\u2019n\u0131n (GSYH) %4\u2019\u00fcne d\u00fc\u015f\u00fcr\u00fclmesi hedeflenen Finansal Olmayan Kamu Sekt\u00f6r\u00fc (Non-Financial Public Sector \u2013 NFPS) a\u00e7\u0131\u011f\u0131na ula\u015faca\u011f\u0131n\u0131 \u00f6ng\u00f6rmektedir.<\/p>\n

Kurulu\u015f, s\u00f6z konusu mali konsolidasyonun; gecikmi\u015f \u00f6demelerdeki azalma, Panama Kanal\u0131 gelirlerinin ve vergi tahsilat\u0131n\u0131n toparlanmas\u0131 ile Sosyal G\u00fcvenlik Fonu\u2019na (CSS) ili\u015fkin emeklilik reformundan kaynaklanan istatistiksel katk\u0131lar taraf\u0131ndan desteklendi\u011fini belirtmektedir.<\/p>\n

Ancak Fitch, bu y\u0131l onaylanan reform sonras\u0131nda Sosyal G\u00fcvenlik Fonu\u2019na yap\u0131lan transferlerdeki art\u0131\u015f nedeniyle, merkezi y\u00f6netim a\u00e7\u0131\u011f\u0131n\u0131n 2025 y\u0131l\u0131nda b\u00fct\u00e7ede \u00f6ng\u00f6r\u00fclen seviyenin \u00fczerinde, GSYH\u2019nin %6,1\u2019i d\u00fczeyine ula\u015faca\u011f\u0131n\u0131 tahmin etmektedir.<\/p>\n

Buna paralel olarak, br\u00fct kamu borcunun 2024 y\u0131l\u0131ndaki %62,5 seviyesinden 2025 y\u0131lsonu itibar\u0131yla %67,2\u2019ye y\u00fckselmesi beklenmektedir. Konsolide kamu borcunun da art\u0131\u015f\u0131n\u0131 s\u00fcrd\u00fcrerek 2027 y\u0131l\u0131nda GSYH\u2019nin %64,6\u2019s\u0131na ula\u015fabilece\u011fi \u00f6ng\u00f6r\u00fclmektedir. Ayr\u0131ca faiz giderlerinin kamu gelirlerine oran\u0131n\u0131n 2025 y\u0131l\u0131nda %18,8\u2019e y\u00fckselece\u011fi ve bu oran\u0131n \u201cBB\u201d not grubunun medyan\u0131n\u0131n olduk\u00e7a \u00fczerinde oldu\u011fu vurgulanmaktad\u0131r.<\/p>\n

\u00a0<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Fitch Ratings kredi derecelendirme kurulu\u015fu, 10 Aral\u0131k 2025 tarihinde yay\u0131mlanan de\u011ferlendirme raporuna g\u00f6re, Panama\u2019n\u0131n egemen kredi notunu \u201cBB+\u201d seviyesinde teyit etmi\u015f; Mart 2024\u2019te oldu\u011fu gibi yat\u0131r\u0131m yap\u0131labilir seviyenin alt\u0131nda (non-investment grade) kalmaya devam etti\u011fini ve g\u00f6r\u00fcn\u00fcm\u00fcn dura\u011fan (stable) oldu\u011funu a\u00e7\u0131klam\u0131\u015ft\u0131r. Fitch, \u201cPanama\u2019n\u0131n kredi notlar\u0131; ki\u015fi ba\u015f\u0131na d\u00fc\u015fen gayrisafi yurt i\u00e7i has\u0131lan\u0131n y\u00fcksekli\u011fi, d\u00fc\u015f\u00fck enflasyon oran\u0131, … Okumaya devam et “Fitch, Panama Notunu Sabit Tuttu”<\/span><\/a><\/p>","protected":false},"author":1271,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[393],"tags":[],"class_list":["post-5548","post","type-post","status-publish","format-standard","hentry","category-hayvancilik"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.sutyo.com\/tr\/wp-json\/wp\/v2\/posts\/5548","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sutyo.com\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sutyo.com\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sutyo.com\/tr\/wp-json\/wp\/v2\/users\/1271"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sutyo.com\/tr\/wp-json\/wp\/v2\/comments?post=5548"}],"version-history":[{"count":0,"href":"https:\/\/www.sutyo.com\/tr\/wp-json\/wp\/v2\/posts\/5548\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.sutyo.com\/tr\/wp-json\/wp\/v2\/media?parent=5548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sutyo.com\/tr\/wp-json\/wp\/v2\/categories?post=5548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sutyo.com\/tr\/wp-json\/wp\/v2\/tags?post=5548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}