CaribWorldNews, KINGSTON, Jamaica, Weds. Aug. 12, 2009: The Standard & Poor`s rating agency has been criticized by Jamaica Prime Minister Bruce Golding.
The criticism comes just days after Standard & Poor`s cut Jamaica`s debt rating from B- to CCC+. But speaking on Tuesday, Prime Minister Golding said the rating agency`s move was unwarranted.
He said there was `no chance` the nation would default on its foreign debt payments.
Speaking to a group of private sector investors, the PM said, `Based on discussions we`ve had with S&P, it is clear that the primary factor which prompted the downgrade was what the agency referred to as the fear of `selective default.“
`Jamaica has never defaulted on its debt and there`s absolutely no chance of this happening,` he added, as the country gears up to borrow $1.2 billion from the International Monetary Fund for the first time in 14 years.