S&P: Jamaica Rating Revised To ‘SD’ Due To Domestic Debt Exchange Program

A not unexpected move from Standard & Poor’s, which has been deeply negative on Jamaica for some time now. Rival rating agency Fitch issued a similar downgrade, cutting the island’s local currency rating to ‘C’ from ‘CCC” on Thursday. It’s not all bad news though – the debt exchange that triggered the rating actions will […]

Agreement with IMF essential for Jamaica, Moody’s says

Verbatim from rating agency Moody’s on Jamaica, highlighting mine: The IMF, which has been negotiating the terms of a $1.2 billion stand-by facility with Jamaica for several months, said on Friday after fund officials spent several days in Kingston, that discussions would continue in Washington next week. The focus, said the IMF, is “on how […]

Another blow for Jamaica from S&P

Hot on the heels of the decision by Standard & Poor’s to slash Jamaica’s sovereign rating comes this announcement from the rating agency: S&P: National Commercial Bank Jamaica Counterparty Credit Rating Lowered To ‘CCC’; Survivability Assessment Lowered To ‘B’ * On Nov. 2, 2009, we lowered the long-term sovereign rating on Jamaica to ‘CCC’ from […]