Moody's downgrades Clarendon

Moody's Investors Service said it downgraded the rating on Clarendon Alumina Production's $200 million of 8½% senior unsecured notes due 2021 to Caa3 from B3.

The outlook is stable.

The notes are guaranteed on an unconditional and irrevocable basis by the Government of Jamaica.

This follows Moody's March 6 rating action on Jamaica, including the downgrade of the government bond rating to Caa3 from B3.

The Caa3 rating on Clarendon's notes reflects an unconditional and irrevocable guarantee from Jamaica, the agency said.

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