NEW YORK Feb 12 Fitch on Tuesday cut Jamaica's
sovereign credit rating to C on the country's debt exchange,
following on the heels of a downgrade by Standard & Poor's
earlier in the day.
If completed, the country's domestic debt exchange "would
constitute a 'distressed debt exchange' (DDE)" in line with
Fitch criteria, the rating agency said in a statement.
"The debt exchange announced by the government entails
extension of maturities and reduction in coupons for the
affected debt instruments," the agency added.
"Although the operation does not involve a 'haircut' on
principal, the proposed exchange does imply an adverse change in
the terms of government domestic debt."
S&P earlier in the day cut Jamaica to selective default.
Moody's Investors Service rates the country B3 with a stable