GOOD ECONOMIC NEWS FOR JAMAICA: Fitch moves Jamaica’s credit rating up a few notches to “B-“ from “CCC.”......The outlook was also upgraded to “Stable”.

According to the Wall Street Journal, the upgrade concludes Fitch's assessment of the country's domestic debt exchange offer launched on February 12.

NEW YORK, United States, February 27, 2014, CMC – International credit rating agency, Fitch, has upgraded Jamaica's credit rating after the country completed its debt exchange Thursday.

The agency lifted Jamaica's long-term foreign currency issuer default ratings to triple-C, seven notches into junk territory, from  restricted default .

According to the Wall Street Journal, the upgrade concludes Fitch's assessment of the country's domestic debt exchange offer launched on February 12.

“The ratings firm considered the operation a distressed debt exchange as the swap hurts the original contractual terms of domestic bondholders,” the paper said.

On Tuesday, a Jamaica government statement issued said Fitch Ratings upgraded the island’s long term foreign currency and local currency Issuer Default Ratings (IDR) to “B-“ from “CCC.”

The rating agency also raised the short-term foreign currency rating from “C” to “B” and the Country Ceiling from “B-“ to “B”, the statement said. The outlook was also upgraded to “Stable”. more