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- Claiming Jamaica appears close to defaulting on its debts, ratings agency Moody's Investors has downgraded the country's local and foreign currency bonds from B2 to Caa1 with a negative outlook.
Yesterday, Moody's said delays in reaching an agreement with the International Monetary Fund (IMF) factored in the downgrade.
"After several months of negotiations with the IMF and the various statements indicating progress, there are signs that an agreement with the IMF may not be within reach yet," the ratings agency noted.
Alessandra Alecci, vice-president and senior analyst at Moody's, said the IMF agreement was crucial to "maintain confidence, meet this year's government funding needs and provide foreign currency inflows to sustain the external position".
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