Jamaica’s Debt Rating has been Cut by Moody’s Investors Service
Jamaica’s debt rating was lowered one level by Moody’s Investors Service, which said the country’s budget deficit and debt load will increase amid the global economic slump.
New York-based Moody’s downgraded Jamaica’s credit rating to B2, five levels below investment grade, from B1. The outlook for the rating is stable, Moody’s said in a statement.
Jamaica’s budget shortfall may swell to 6 percent of the island nation’s gross domestic product this year amid declining tourism and remittances from abroad, a major source of foreign exchange, Moody’s said. Public debt may equal more than 100 percent of Jamaica’s GDP, according to Moody’s.
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