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Bonds News

S&P cuts Jamaica, says debt exchange a default

SAO PAULO, Jan 14 (Reuters) - Standard & Poor’s on Thursday cut Jamaica’s credit ratings, saying a domestic bond exchange proposed by the government constitute a debt default.

S&P downgraded Jamaica’s foreign- and local-currency sovereign credit ratings to SD, or selective default, from CCC/C.

At the same time, the ratings agency revised the ratings on the bonds that are included in the proposed exchange to D. Government securities that are not included in the deal remain rated CCC. The recovery rating remains at 4.

Reporting by Walter Brandimarte; Editing by Diane Craft

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