Fitch lowers Clarendon

Fitch Ratings said it downgraded Clarendon Alumina Production Ltd.'s long-term foreign-currency issuer default rating to CCC from B-, local-currency long-term issuer default rating to CCC from B- and $200 million 8½% unsecured notes due November 2021 to CCC with a recovery rating of RR4 from B- to recovery rating of RR4.

The negative outlook was removed, Fitch said.

The company's ratings are directly linked to those of Jamaica, the agency said. The unsecured notes are supported by an explicit unconditional and irrevocable guarantee by the government of Jamaica for the timely payment of interest and principal, the agency said.

The downgrades follow the downgrade of Jamaica's international senior unsecured debt instruments, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.