S&P cuts Jamaica to SD on debt exchange

NEW YORK Tue Feb 12, 2013 2:03pm EST

NEW YORK Feb 12 (Reuters) - U.S. rating agency Standard & Poor's on Tuesday cut Jamaica's sovereign rating to selective default from B-minus on a debt exchange program the agency said it viewed as a default.

"Jamaica has announced a domestic debt exchange program that officially launches today," S&P said in a statement. "Based on our criteria, we consider this exchange a default."

Moody's Investors Service rates the country B3 with a stable outlook; Fitch rates the country B-minus with a negative outlook.