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S&P upgrades Jamaica's credit rating

Thursday, March 07, 2013 | 2:37 PM    

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KINGSTON, Jamaica — Credit rating agency Standard and Poor’s (S & P) yesterday upgraded Jamaica’s rating.

The country’s sovereign credit rating was raised from selective default to CCC+.

The ratings agency also listed the country’s outlook as “stable”.

The upgrade comes as the nation’s National Debt Exchange saw 97 per cent of eligible claims participating on the restructuring, S & P said.

Despite the improved rating, Jamaica is still vulnerable to external shocks, the agency cautioned.

Jamaica’s government debt rating was downgraded by to Caa3 by Moody’s yesterday while Fitch upgraded the country to CCC less than a week ago.

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