S&P Upgrades Jamaica on Restructuring

S&P has raised Jamaica’s ratings to B minus from C with stable outlook following the country’s completion of its debt restructuring. The debt exchange, which the government launched on January 14 and concluded on February 24, affected roughly JAD700bn of domestic debt, or about 50% of Jamaica’s total public debt, S&P says. The government’s external debt was excluded from the transaction. The participation rate in the restructuring was 99.2% of eligible claims, with 100% of institutional investors participating, according to Peter Moses, country director at Citi, which managed the restructuring.