Ratings agency Fitch upgrades Jamaica

[Assasin]

Ratings agency Fitch upgrades Jamaica
12:41 pm, Fri March 1, 2013







Ratings agency Fitch upgraded Jamaica to CCC on Friday, saying a domestic debt exchange was done and the country's default was essentially over.
Jamaica’s sovereign ratings were slashed to default last month on the back of a debt exchange meant to bring its debt to 95 percent of the economy from 140 percent over the next seven years.
"With a participation rate above 98 percent of eligible securities, Fitch considers that the National Debt Exchange (NDX) has been materially completed and the default event cured in line with Fitch's Distressed Debt Exchange (DDE) Criteria," the rating agency said in a statement.
The International Monetary Fund reached a preliminary agreement with Jamaica last month on a US$750 million loan program to help the country carry out reforms.
Standard and Poor's rates the Jamaica SD, or selective default. Moody's Investors Service rates Jamaica B3.

[Assasin]

A upgrade is good but CCC is still very low. We need some more upgrades.