Jamaica’s Central Bank governer resigns; S&P downgrades island’s rating to CCC

Can’t say you weren’t warned, but this is still a serious blow to Jamaica. From rating agency Standard & Poor’s on Monday, highlighting mine: Jamaica Long-Term Ratings Lowered One Notch To ‘CCC’, Outlook Negative — Jamaica’s Central bank governor, who was the lead negotiator on a possible standby facility from the IMF, has resigned. — … Continue reading Jamaica’s Central Bank governer resigns; S&P downgrades island’s rating to CCC

“Jamaica may already have passed the point of no return”

Just one month after rating agency Standard & Poor’s released a downbeat assessment of the outlook for Jamaica comes an equally – if not more – negative take from Barclays Capital Research. The research note issued today by a New York-based BarCap analyst is unequivocal: we believe that Jamaica is approaching the point of no … Continue reading “Jamaica may already have passed the point of no return”

S&P’s move on Jamaica suggests there’s pain ahead

This is bad. S&P had previously assigned a rating of B- to Jamaica. In financial parlance, a B- rating sovereign rating suggests that the country is perceived as “high risk” by would-be lenders; in a word, “junk”. By downgrading Jamaica to triple-C, S&P is saying the island is ” currently vulnerable and dependent on favorable … Continue reading S&P’s move on Jamaica suggests there’s pain ahead