Jamaica Observer: Moody’s downgrade signals need for tough decisions
On the 4th of March, international rating agency Moody’s Investors Services downgraded Jamaica’s foreign and local currency government bond ratings to B2 from B1 and Ba2 “to reflect deterioration in the country’s fiscal and debt positions as a result of the global economic downturn” .Foreign currency country ceiling for deposits was downgraded to B3 from B2, whilst all other ratings were unchanged.
Jamaica Gleaner: “Analysts see no immediate pain from Moody’s downgrade”
The downgrade of Jamaica’s sovereign bonds by rating agency, Moody’s, hardly came as a surprise to local analysts, who say that the country’s weakening economic fundamentals were already being factored into the price of the securities.
Jamaica Observer: “The Clico brand in the Caribbean remains under serious pressure”
Clico’s troubles first surfaced publicly in January when the Trinidad and Tobago government offered a rescue package for its parent company CL Financial. Since then, Clico’s operations in the Bahamas, Guyana and Belize have either been liquidated or brought under emergency state control.