Standard & Poor’s (S&P) and Fitch have each downgraded Jamaica's credit rating following the country’s announcement of a debt exchange offer on Monday night.
Fitch downgraded Jamaica credit rating by one notch further into highly speculative territory, while Standard & Poor's lowered the country's rating to "selective default" from its prior rating of B-minus.
Jamaica has asked bondholders to exchange about US$9.1 billion in domestic debt, which entails extension of maturities and
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