After weeks of negative reports about its financial
predicament, the country got a major endorsement from a big player in the
financial world.
Scotia Capital said Wednesday that Jamaica will get a loan from the International Monetary Fund (IMF) and will not default on its debt.
The report carried by Bloomberg News comes after the country's credit rating was lowered by the three biggest rating agencies this month.
Joe Kogan, a New York-based Scotia analyst, wrote in a report that investors are concerned about a possible default or restructuring of the debt but no such restructuring is under consideration.
Fitch Ratings Tuesday cut Jamaica's rating to CCC from B and kept the negative outlook, citing a delay on a standby loan from the IMF and the possibility of some form of debt restructuring.
The downgrade follows similar moves by Standard & Poors and Moody's Investors Service earlier this month.
Kogan said Jamaica will get the IMF loan, arguing that all government efforts at this point appear to be directed at completing the negotiations.
Scotia Capital said Wednesday that Jamaica will get a loan from the International Monetary Fund (IMF) and will not default on its debt.
The report carried by Bloomberg News comes after the country's credit rating was lowered by the three biggest rating agencies this month.
Joe Kogan, a New York-based Scotia analyst, wrote in a report that investors are concerned about a possible default or restructuring of the debt but no such restructuring is under consideration.
Fitch Ratings Tuesday cut Jamaica's rating to CCC from B and kept the negative outlook, citing a delay on a standby loan from the IMF and the possibility of some form of debt restructuring.
The downgrade follows similar moves by Standard & Poors and Moody's Investors Service earlier this month.
Kogan said Jamaica will get the IMF loan, arguing that all government efforts at this point appear to be directed at completing the negotiations.
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