What Happened
On March 16, 2026, Panama’s state-owned transmission company ETESA received an “Excelente” rating from Sustainable Fitch for its Green Debt Framework, becoming the first public company in Panama to achieve this recognition. The rating covers ETESA’s framework for issuing green debt instruments.
Background
Sustainable Fitch is a specialist arm of the Fitch ratings family that assesses environmental, social and governance attributes of debt frameworks and instruments. A strong rating from Sustainable Fitch signals that a borrower’s green debt framework aligns with market expectations for use-of-proceeds, project eligibility and transparency practices.
ETESA, a public electricity transmission company in Panama, has moved to establish a formal framework for green financing — a step that allows companies to raise capital specifically for projects with environmental benefits. The company’s recognition by Sustainable Fitch marks a first for a Panamanian public enterprise.
What This Means
The “Excelente” rating may help ETESA access international and domestic investors interested in environmental and climate-focused financing. For the company, the rating can enhance credibility around its green-debt intentions and potentially lower borrowing costs by broadening the investor base to include institutions that prioritize sustainable assets.
For Panama, ETESA’s milestone could encourage other state and private entities to develop robust green financing frameworks, supporting national climate and sustainability goals. It also underscores growing interest in green finance tools across the region.
Next Steps
With the framework now rated, ETESA could move toward issuing green bonds or other green debt instruments under the evaluated framework. Market reception will depend on timing, structure and investor appetite, as well as the company’s ongoing disclosures and project execution.
As the first public company in Panama to receive this level of recognition from Sustainable Fitch, ETESA’s rating represents a notable development in the country’s sustainable finance landscape.