(Jamaica Observer) KINGSTON, Jamaica — Ratings agency Moody’s yesterday downgraded Jamaica’s government debt rating but said the country’s outlook is stable.
The government debt rating has dropped to Caa3 from B3.
Moody said the downgrade was the result of the National Debt Exchange, which recently ended, the high debt burden and expectations of continued low growth.
The agency said an upgrade is unlikely over the near term and that a change in outlook “would require improved debt sustainability associated to both effective fiscal consolidation efforts and higher economic growth, conditions that are necessary to support a sustainable drop in government debt metrics.”
