Jamaica Not Likely to Default

Fitch believes Jamaica is not likely to default on its debt even though the agency has it on negative outlook. Fitch says that the island, which faces about $250m in external financing needs this year, has been in proactive talks with multilateral banks. It also notes that Jamaica has always shown strong willingness to repay debt, and has never defaulted before. Jamaica has a B rating from Fitch. S&P recently cut the sovereign to B minus from B, and also has it on negative outlook.