News Column

Fitch Rates Jamaica's 2025 Global Bonds 'B-'

July 3, 2014



NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has assigned Jamaica'sUSD800 million global bond issuance due 2025 a rating of 'B-'. The bonds have a coupon rate of 7.625%. The rating is in line with Jamaica's long-term foreign currency Issuer Default Rating (IDR) of 'B-'/Outlook Stable.

The proceeds will be used to meet external financing needs for the 2014/2015 fiscal year, including the repayment of a USD150 million bond maturing in October 2014, and prefund 2015/2016 fiscal year maturities.

KEY RATING DRIVERS

Jamaica's ratings balance reduced external and fiscal financing risks, continued compliance with the International Monetary Fund (IMF) Extended Fund Facility (EFF), the preservation of broad macroeconomic and financial stability despite the 2013 NDX and continued depreciation of the Jamaican dollar against a high public debt/GDP burden, relatively low external liquidity position and chronic growth underperformance.

RATING SENSITIVITIES

The rating would be sensitive to any changes in Jamaica's long-term foreign currency IDR. Fitch upgraded Jamaica's ratings to 'B-' with a Stable Outlook on Feb. 25 2014.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Sovereign Rating Criteria' (Aug. 13, 2012);

--'Country Ceilings' (Aug. 9, 2013).

Applicable Criteria and Related Research:

Sovereign Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685737

Country Ceilings

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=715618

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=837871

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.



Fitch Ratings

Primary Analyst

Erich Arispe

Director

+1-212-908-9165

Fitch Ratings, Inc.

33 Whitehall St.

New York, NY 10004

or

Secondary Analyst

Cesar Arias

Associate Director

+1-212-908-0358

or

Committee Chairperson

Paul Rawkins

Senior Director

+44-20-3530-1046

or

Media Relations:

Elizabeth Fogerty, +1-212-908-0526 (New York)

elizabeth.fogerty@fitchratings.com


Source: Fitch Ratings


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Business Wire


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters