Information Minister slams Standard & Poor's

[Mosiah]

Vaz says S&P's job is to create panic and mayhem in Jamaica and that their latest rating was premature and unwarranted.

[Mosiah]

S&P cuts Jamaica, outlook negative on default risk
Mon Nov 2, 2009 3:03pm

NEW YORK, Nov 2 (Reuters) - Standard & Poor's said on Monday it downgraded Jamaica one notch, to "CCC" and kept the negative outlook on the island credit following the resignation of the central bank governor, the lead negotiator of a possible standby agreement with the International Monetary Fund.

S&P downgraded Jamaica's credit rating to "CCC" from "CCC-plus" and kept a negative outlook on the ratings, signaling the growing risk of a debt exchange operation that could be an event of selective default.

"Jamaica's severe fiscal situation as well as the vulnerabilities in the government's debt profile may give it incentives to renegotiate with its creditors, particularly its resident creditors that hold the larger bulk of Jamaican debt," S&P said in a statement.

"Since then, the government's room to maneuver continues to narrow as it becomes increasingly difficult to further cut public expenditures in order to sustain an interest burden of about 60 percent of general government revenue."

[Me]

lol
Vaz is a joker, although the rating agencies truly do have no clue about half of the securities they rate and there are huge inconsistencies in their rating of different securities. CCC+, CCC - once you reach them class deh it is just seen as junk.

All this international restructuring talk and international markets talk. It is local debt and the local investors where we would need the change to occur.

[Don1]

S&P cuts Jamaica, outlook negative on default risk
Mon Nov 2, 2009 3:03pm

NEW YORK, Nov 2 (Reuters) - Standard & Poor's said on Monday it downgraded Jamaica one notch, to "CCC" and kept the negative outlook on the island credit following the resignation of the central bank governor, the lead negotiator of a possible standby agreement with the International Monetary Fund.

S&P downgraded Jamaica's credit rating to "CCC" from "CCC-plus" and kept a negative outlook on the ratings, signaling the growing risk of a debt exchange operation that could be an event of selective default.

"Jamaica's severe fiscal situation as well as the vulnerabilities in the government's debt profile may give it incentives to renegotiate with its creditors, particularly its resident creditors that hold the larger bulk of Jamaican debt," S&P said in a statement.

"Since then, the government's room to maneuver continues to narrow as it becomes increasingly difficult to further cut public expenditures in order to sustain an interest burden of about 60 percent of general government revenue."

Gee...who would have thunk it!

It seems the dumping of the BOJ Governor in the midst of negotiations he was leading with the IMF is seen as a negative signal in certain financial circles.

But not to worry...the experts on the forum seh...wi safe! No big deal!
It was in di works lang time!
mi ah ded!

[Muadib]

Hmm.. odd.. thought it was something regarding perceived increase in potential of debt renegotiations.. I wonder if Latti was blocking that approach..

Naah.. must be DumbOne hype on the matter.. far more exciting !

lol !

[Don1]

Hmm.. odd.. thought it was something regarding perceived increase in potential of debt renegotiations.. I wonder if Latti was blocking that approach..

Naah.. must be DumbOne hype on the matter.. far more exciting !

lol !

yuh late pon dis one fassy....argument dun

but...you may review the historical record below.

[Don1]

Vaz says S&P's job is to create panic and mayhem in Jamaica and that their latest rating was premature and unwarranted.

Si wha Babylon haffi seh:

Standard & Poor's announced the downgrade late yesterday evening, giving as its reason the resignation of Jamaica's central bank governor Derick Latibeaudiere, who was the country's lead negotiator for the IMF standby facility.
According to the international ratings agency, Latibeaudiere's resignation has created more uncertainty about the timeframe for reaching an agreement with the IMF.

It nuh matta if wha Babylon seh is di trute...ongly dem perception matta.
Ah suh Babylon stay....look like di forumite dem nuh kno ow di ting set ah foreign.

Dat deh eediat move by Shaw ah guh cost wi money inna more fineants charge....bad signal...horrible timing.

If dem cyaan wuk wid di man...dem shudda push im out lang time.

Joke ting....amateur hour.

[Me]

Gee...who would have thunk it!

It seems the dumping of the BOJ Governor in the midst of negotiations he was leading with the IMF is seen as a negative signal in certain financial circles.

But not to worry...the experts on the forum seh...wi safe! No big deal!
It was in di works lang time!
mi ah ded!

Wi safe? who said that.

I am sure I recall saying that we are still going to be faced with the same problems. You acting as if the fiscal situation and dollar were not on the decline. This doesn't change the path that we were on. We still in decline.

Our problems with debt service is due to debt owned by local investors. Changes within the junk category range are not going to have any serious impact on that. We will see if the local vampires are still willing to participate in the market if we have a lower interest rate environment.

[Don1]

Wi safe? who said that.

I am sure I recall saying that we are still going to be faced with the same problems. You acting as if the fiscal situation and dollar were not on the decline. This doesn't change the path that we were on. We still in decline.

Our problems with debt servoce is due to debt owned by local investors. Changes within the junk category range are not going to have any serious impact on that. We will see if the local vampires are still willing to participate in the market if we have a lower interest rate environment.

but mi neva kall nuh name my yute....but if di cap fit?

My main point is that the issue with Latibeaudiere was botched...to dump the leader of your negotiation team in the middle of critical negotiations is madness...sends a bad signal to the financial community.

That should be clear to all and sundry now...but no doubt the thick skulls will prevail.lol!

[Muadib]

Mi tink seh him did resign ?

[Me]

but mi neva kall nuh name my yute....but if di cap fit?

My main point is that the issue with Latibeaudiere was botched...to dump the leader of your negotiation team in the middle of critical negotiations is madness...sends a bad signal to the financial community.

That should be clear to all and sundry now...but no doubt the thick skulls will prevail.lol!

If the IMF agreement accelerates because of the removal, what message is sent to the "Financial Community"?

[Muadib]

When did they realize dem cyaan wuk wid di man ?

Need more analysis, less propoganda from the DumbOne the 'unbiased'

LOL !!

[Don1]

If the IMF agreement accelerates because of the removal, what message is sent to the "Financial Community"?

ask dem.

Listen...you see an objective fact...a rating downgrade partially influenced by the disposal of the Governor....deal wid dat negative reality and the severe consequences of it.

This should not have happened....he should have been dumped a long time ago...that's my point.
So what may happen as a result of so called accelerated negotiations in response to the dumping is moot.

[Mosiah]

Big IF! Let's see what happens.

It's already been months late. At the end of the day, it matters not who held it up. The buck stops at Bruce's desk!

[Don1]

Big IF! Let's see what happens.

It's already been months late. At the end of the day, it matters not who held it up. The buck stops at Bruce's desk!

it doesn't even matter if this improves the negotiations.....the whole thing has been botched...

amateur hour.

yuh seeit....dem si dem tribe as infallible....critical thinking impossible fi dem.

Blind faith is a bitch.lol!!