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Fitch Rates Jamaica's 2025 Global Bonds 'B-'

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has assigned Jamaica's USD800 million global bond issuance due 2025 a rating of 'B-'. The bonds have a coupon rate of 7.625%. The rating is in line with Jamaica's long-term foreign currency Issuer Default Rating (IDR) of 'B-'/Outlook Stable.

The proceeds will be used to meet external financing needs for the 2014/2015 fiscal year, including the repayment of a USD150 million bond maturing in October 2014, and prefund 2015/2016 fiscal year maturities.

KEY RATING DRIVERS

Jamaica's ratings balance reduced external and fiscal financing risks, continued compliance with the International Monetary Fund (IMF) Extended Fund Facility (EFF), the preservation of broad macroeconomic and financial stability despite the 2013 NDX and continued depreciation of the Jamaican dollar against a high public debt/GDP burden, relatively low external liquidity position and chronic growth underperformance.

RATING SENSITIVITIES

The rating would be sensitive to any changes in Jamaica's long-term foreign currency IDR. Fitch upgraded Jamaica's ratings to 'B-' with a Stable Outlook on Feb. 25 2014.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Sovereign Rating Criteria' (Aug. 13, 2012);

--'Country Ceilings' (Aug. 9, 2013).

Applicable Criteria and Related Research:

Sovereign Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685737

Country Ceilings

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=715618

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=837871

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Contacts

Fitch Ratings
Primary Analyst
Erich Arispe
Director
+1-212-908-9165
Fitch Ratings, Inc.
33 Whitehall St.
New York, NY 10004
or
Secondary Analyst
Cesar Arias
Associate Director
+1-212-908-0358
or
Committee Chairperson
Paul Rawkins
Senior Director
+44-20-3530-1046
or
Media Relations:
Elizabeth Fogerty, +1-212-908-0526 (New York)
elizabeth.fogerty@fitchratings.com