Moody’s places Jamaica on watch for possible downgrade.

Yet another  rating agency, this time the highly rated Moody’s has placed Jamaica’s debt on watch for possible downgrade. In a release this afternoon, Moody’s says this actions comes about as a result of the recent Jamaica Debt Exchange Program.

See full release below.

New York, February 14, 2013 — Moody’s Investors Service has placed Jamaica’s B3 government bond ratings on review for a possible downgrade as a result of the authorities’ announcement that the government will pursue a debt restructuring involving a debt exchange that will affect US$9.1 million in domestic debt or approximately 46% of the total stock of government debt, which Moody’s estimates exceeded 130% of GDP at year-end 2012.

 

http://www.moodys.com/research/Moodys-places-Jamaicas-B3-rating-on-review-for-possible-downgrade–PR_266126