Jamaica http://www.alacrastore.com/country-snapshot/Jamaica Friday, January 09, 2009 6:29:23 AM en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/692555spcred/692555normThe latest News from S&Pglobalstructured12/22/2008 6:27:00 PM100News692555JamaicaEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceSovereignsAsset-Backed SecuritiesNewsNEW YORK (Standard&Poor's) Dec. 22, 2008--Standard&Poor's Ratings Services said today that it affirmed its 'B' long-term and short-term foreign and local currency sovereign credit ratings on Jamaica. Standard&Poor's also said that the outlook on Jamaica remains negative. At the same time, Standard&Poor's affirmed its 'BB-' transfer and convertibility assessment on the sovereign, and the recovery rating is unchanged at '4'. "The negative outlook continues to reflect our heightened concerns about the deteriorating economic situation in Jamaica and its rising risk of spillover on the fiscal accounts," explained Standard&Poor's credit analyst Olga Kalinina. We expect that Jamaica's real GDP growth will be flat in 2008 and 2009. Projections are for theJAM470160Jamaica339984EMERGINGLATAMERICA1084Z@JANEWSGLOBISSSTRUCSOVLEVFINABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/692556spcred/692556normThe latest Research Update from S&Pglobalstructured12/22/2008 6:27:00 PM175Research Update692556JamaicaEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceSovereignsAsset-Backed SecuritiesResearch UpdateOn Dec. 22, 2008, Standard&Poor's Ratings Services affirmed its 'B' long-term and short-term foreign and local currency sovereign credit ratings on Jamaica. The outlook remains negative. At the same time, Standard&Poor's affirmed its 'BB-' transfer and convertibility assessment on the sovereign, and the recovery rating is unchanged at '4'. The negative outlook continues to reflect our heightened concerns about the deteriorating economic situation in Jamaica and its rising risk of spillover on the fiscal accounts. We expect that Jamaica's real GDP growth will be flat in 2008 and 2009. Projections are for the general government deficit (including Bank of Jamaica losses) to widen to 6.7% of GDP in fiscal 2008 from 4.1% in 2007 and toJAM470160Jamaica339984EMERGINGLATAMERICA1084Z@JARESUPDGLOBISSSTRUCSOVLEVFINABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/690427spcred/690427normThe latest News from S&Pstructured12/16/2008 4:36:50 AM100News690427JamaicaLatin AmericaStructured FinanceAsset-Backed SecuritiesNewsTOKYO (Standard&Poor's) Dec. 16, 2008--Standard&Poor's Ratings Services today published a Japanese-language report titled "Performance Watch: WBS Funding Company; J-WBS Funding K.K., December 2008". This report is published in accordance with Standard&Poor's surveillance process for this transaction. In the report, Standard&Poor's details industry trends and Softbank Mobile's business performance, including the net increase in subscribers it has enjoyed since the securitization deal's closing date. We also analyze the factors affecting the transaction's cash flow and their potential impact on the current ratings. In addition, the report details an updated base case scenario, which Standard&Poor's believes is most likely based on Softbank Mobile's business performance in the past two years. The updatedJAMWBS Funding Co.404878LATAMERICANEWSJPNJ-WBS Funding KK406631ASIASTRUCABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/679965spcred/679965normThe latest News from S&Pglobalstructured10/30/2008 9:33:40 AM100News679965JamaicaLatin AmericaGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHigh TechnologyNewsTOKYO (Standard&Poor's) Oct. 30, 2008--Standard&Poor's Ratings Services said today that its ratings on Softbank Corp. (BB/Stable/--), the whole business securitization (WBS) deal that its subsidiary Softbank Mobile Corp. (SBM; NR) implemented in 2006, and other WBS-related transactions, would not be affected by the company's announcement that SBM could incur extraordinary losses of up to ¥75 billion by September 2010. On Oct. 29, 2008, Softbank Corp. announced that SBM might suffer extraordinary losses of up to ¥75 billion due to a deterioration in the quality of entrusted assets managed through Collateralized Debt Obligations (CDOs), in a trust debt assumption executed by SBM in 2006. Standard&Poor's believes that such losses, if they materialize, should be coveredJAMWBS Funding Co.404878LATAMERICANEWSJPN83401R50102010 501020 5010 50Softbank Corp.J-WBS Funding KKSoftbank Mobile Lease And Loan Receivables SecuritizationORIX-SBM Trust 1DW Finance Ltd.Softbank Mobile Lease And Loan Receivables Securitization Trust Certificates and ABL Series1Softbank Mobile Lease And Loan Receivables Securitization Trust Certificates and ABL Series 2300145406631414539418870422841448859448860ASIA9984@JPGLOBISSSTRUCCORPABSHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/678212spcred/678212normThe latest News from S&Pglobal10/21/2008 6:38:16 PM100News678212JamaicaAirlinesEmerging MarketsLatin AmericaGlobal IssuersCorporationsTransportationNewsMEXICO CITY (Standard&Poor's) Oct. 21, 2008--Standard&Poor's Ratings Services said today that it revised its outlook on Air Jamaica Ltd. to negative from stable. At the same time, we affirmed our ratings on the company, including the 'B' long-term corporate credit rating. "The rating action reflects our outlook revision today on Jamaica," said Standard&Poor's credit analyst Monica Ponce. We revised the outlook on Jamaica to negative from stable, while affirming our 'B' long- and short-term sovereign credit ratings on the sovereign. (See Standard&Poor's research report published earlier today on RatingsDirect.) The ratings on Air Jamaica are aligned with the long-term foreign currency sovereign credit rating on Jamaica. We base this alignment on theJAM00912320302010 203020 2030 20Air Jamaica Ltd.390601EMERGINGLATAMERICA106173Z@JANEWSGLOBISSCORPTransportationCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/678213spcred/678213normThe latest Research Update from S&Pglobal10/21/2008 6:38:16 PM175Research Update678213JamaicaAirlinesEmerging MarketsLatin AmericaGlobal IssuersCorporationsTransportationResearch UpdateOn Oct. 21, 2008, Standard&Poor's Ratings Services revised its outlook on Air Jamaica Ltd. to negative from stable. At the same time, we affirmed our ratings on the company, including the 'B' long-term corporate credit rating. The rating action reflects our recent revision of the outlook on Jamaica to negative from stable. At that time, we also affirmed our 'B' long- and short-term sovereign credit ratings on the country. (See Standard&Poor's research report published Oct 21, 2008, on RatingsDirect.) The ratings on Air Jamaica are aligned with the long-term foreign currency sovereign credit rating on Jamaica. We base this alignment on the government's unconditional guarantee of both principal and interest payments on the company's $200 millionJAM00912320302010 203020 2030 20Air Jamaica Ltd.390601EMERGINGLATAMERICA106173Z@JARESUPDGLOBISSCORPTransportationCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/678094spcred/678094normThe latest Research Update from S&Pglobalstructured10/21/2008 4:50:16 PM175Research Update678094JamaicaEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceSovereignsAsset-Backed SecuritiesResearch UpdateOn Oct. 21, 2008, Standard&Poor's Ratings Services revised its outlook on Jamaica to negative from stable. At the same time, we affirmed our 'B' long-term and short-term sovereign credit ratings on Jamaica. Our ratings on Jamaica are supported by the government's high primary fiscal surpluses; timely policy response to rising pressures in the foreign exchange market; important local capital markets; and support from the trade unions and the business sector. These all help Jamaica alleviate its rising fiscal and external risks. At the same time, our 'B' noninvestment-grade ratings continue to reflect Jamaica's weak fiscal position, narrow economic structure, and rising external liquidity risks. The country's reliance on external funding for its sizeable fiscal and external deficits isJAM470160Jamaica339984EMERGINGLATAMERICA1084Z@JARESUPDGLOBISSSTRUCSOVABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/678093spcred/678093normThe latest News from S&Pglobalstructured10/21/2008 4:50:16 PM100News678093JamaicaEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceSovereignsAsset-Backed SecuritiesNewsNEW YORK (Standard&Poor's) Oct. 21, 2008--Standard&Poor's Ratings Services said today that it revised its outlook on Jamaica to negative from stable. At the same time, we affirmed our 'B' long-term and short-term sovereign credit ratings on Jamaica. "Our ratings on Jamaica are supported by the government's high primary fiscal surpluses; timely policy response to rising pressures in the foreign exchange market; important local capital markets; and support from the trade unions and the business sector," said Standard&Poor's credit analyst Olga Kalinina. These all help Jamaica alleviate its rising fiscal and external risks. At the same time, our 'B' noninvestment-grade ratings continue to reflect Jamaica's weak fiscal position, narrow economic structure, and rising external liquidityJAM470160Jamaica339984EMERGINGLATAMERICA1084Z@JANEWSGLOBISSSTRUCSOVABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/674292spcred/674292normThe latest News from S&Pglobal9/30/2008 6:28:12 PM100News674292JamaicaDiversified BanksEmerging MarketsLatin AmericaGlobal IssuersFinancial InstitutionsNewsMEXICO CITY (Standard&Poor's) Sept. 30, 2008--Standard&Poor's Ratings Services revised its outlook on National Commercial Bank Jamaica Ltd. (NCB) to negative from stable; the counterparty credit ratings were affirmed at 'B/B'. "The outlook revision reflects our opinion that, although the bank's performance continues to be adequate for the current 'B' rating, there are important economic and liquidity pressures from both local and global markets that could have an impact upon the bank's finances over the next 12 months. We believe that the bank faces a less benign operational environment, with compressing margins, various exposures to the weaker pricing of Jamaican sovereign bonds, tighter liquidity in the international markets, and high inflation," said Standard&Poor's credit analystJAM40101010 401010 4010 40National Commercial Bank Jamaica Ltd.349751EMERGINGLATAMERICANCB@JANEWSGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/674293spcred/674293normThe latest Research Update from S&Pglobal9/30/2008 6:28:12 PM175Research Update674293JamaicaDiversified BanksEmerging MarketsLatin AmericaGlobal IssuersFinancial InstitutionsResearch UpdateOn Sept. 30, 2008, Standard&Poor's Ratings Services revised its outlook on National Commercial Bank Jamaica Ltd. (NCB) to negative from stable; the counterparty credit ratings were affirmed at 'B/B'. The outlook revision reflects our opinion that, although the bank's performance continues to be adequate for the current 'B' rating, there are important economic and liquidity pressures from both local and global markets that could have an impact upon the bank's finances over the next 12 months. We believe that the bank faces a less benign operational environment, with compressing margins, various exposures to the weaker pricing of Jamaican sovereign bonds, tighter liquidity in the international markets, and high inflation. The Bank of Jamaica's tighter monetary policies have increasedJAM40101010 401010 4010 40National Commercial Bank Jamaica Ltd.349751EMERGINGLATAMERICANCB@JARESUPDGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/669673spcred/669673normThe latest Full Report from S&Pglobal9/5/2008 1:07:53 PM400Full Report669673JamaicaDiversified BanksEmerging MarketsLatin AmericaGlobal IssuersFinancial InstitutionsFull ReportRelevant market share and strong bank name recognition Improving financial performance Concentration in Jamaica sovereign bonds and loans to public entities Larger-than-peer concentration by client and industry Operating in a small, highly indebted, nondiversified economy Standard&Poor's Ratings Services' ratings on National Commercial Bank Jamaica Ltd. (NCB) are constrained by the sovereign ratings on Jamaica because sovereign bonds and loans to public entities represent most of NCB's assets. The ratings are also constrained by NCB's larger-than-peer loan concentration in its main clients and its operating in a relatively small, highly indebted, and nondiversified economy. The bank's relevant market presence in the Jamaican banking system, adequate performance in a challenging environment, and consistent improvements in its operating performance support theJAM40101010 401010 4010 40National Commercial Bank Jamaica Ltd.349751EMERGINGLATAMERICANCB@JAFULLGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/669675spcred/669675normThe latest Summary from S&Pglobal9/5/2008 1:07:53 PM175Summary669675JamaicaDiversified BanksEmerging MarketsLatin AmericaGlobal IssuersFinancial InstitutionsSummaryStandard&Poor's Ratings Services' ratings on National Commercial Bank Jamaica Ltd. (NCB) are constrained by the sovereign ratings on Jamaica because sovereign bonds and loans to public entities represent most of NCB's assets. The ratings are also constrained by NCB's larger-than-peer loan concentration in its main clients and its operating in a relatively small, highly indebted, and nondiversified economy. The bank's relevant market presence in the Jamaican banking system, adequate performance in a challenging environment, and consistent improvements in its operating performance support the ratings. NCB maintains a large exposure to Jamaica's government, represented by investments in government bonds. In addition, a significant portion of the loan portfolio is concentrated in public-sector companies, in which the government is theJAM40101010 401010 4010 40National Commercial Bank Jamaica Ltd.349751EMERGINGLATAMERICANCB@JASUMMARYGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/654703spcred/654703normThe latest News from S&Pglobalstructured6/18/2008 1:00:17 PM100News654703JamaicaEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceSovereignsAsset-Backed SecuritiesNewsNEW YORK (Standard&Poor's) June 18, 2008--Standard&Poor's Ratings Services said today that it assigned its 'B' long-term foreign currency senior unsecured bond rating to Jamaica's newly issued US$350 million, 8% bond, which is due June 24, 2019. Jamaica issued this bond amid the persistently challenging financial environment. "The bond carries one of the lowest coupons among all of Jamaican external bonds outstanding," noted Standard&Poor's credit analyst Olga Kalinina. "These factors attest to the lasting investor support for the Jamaican sovereign, which is bolstered by the credibility of the government's policies." In April 2008, the Jamaica Labour Party (JLP) government, which came to power less than a year ago, presented an ambitious budget for fiscal-year 2008-2009.JAM470160Jamaica339984EMERGINGLATAMERICA1084Z@JANEWSGLOBISSSTRUCSOVABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/654704spcred/654704normThe latest Research Update from S&Pglobalstructured6/18/2008 1:00:17 PM175Research Update654704JamaicaEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceSovereignsAsset-Backed SecuritiesResearch UpdateOn June 18, 2008, Standard&Poor's Ratings Services assigned its 'B' long-term foreign currency senior unsecured bond rating to Jamaica's newly issued US$350 million, 8% bond, which is due June 24, 2019. Jamaica issued this bond amid the persistently challenging financial environment. The bond carries one of the lowest coupons among all of Jamaican external bonds outstanding. This attests to the lasting investor support for the Jamaican sovereign, which is bolstered by the credibility of the government's policies. In April 2008, the Jamaica Labour Party (JLP) government, which came to power less than a year ago, presented an ambitious budget for fiscal-year 2008-2009. It aimed to significantly improve the tax administration and tax compliance in the country, where 138JAM470160Jamaica339984EMERGINGLATAMERICA1084Z@JARESUPDGLOBISSSTRUCSOVABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/652795spcred/652795normThe latest Summary from S&Pglobalstructured6/6/2008 8:54:02 PM175Summary652795JamaicaEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceSovereignsAsset-Backed SecuritiesSummaryAchieving higher rates of economic growth is one of the main goals of the Jamaica Labour Party (JLP), which came to power in September 2007. Jamaica's real GDP growth, which averaged 1.6% over the past decade, continues to be constrained by a crowding out of the private sector because of the government's high borrowing needs, labor-market rigidities affecting productivity, high security costs, and external shocks. Hurricane Dean, followed by a prolonged rainy period, dampened GDP growth to an estimated 1.1% in 2007, down from 2.6% in 2006. The negative impact of the severe weather on agriculture and the resulting food shortages--together with surging oil prices--drove average inflation to 17% in 2007 from 5.7% in 2006. The GDP growth outlook forJAM470160Jamaica339984EMERGINGLATAMERICA1084Z@JASUMMARYGLOBISSSTRUCSOVABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/652794spcred/652794normThe latest Full Report from S&Pglobalstructured6/6/2008 8:54:00 PM400Full Report652794JamaicaEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceSovereignsAsset-Backed SecuritiesFull ReportThe government's commitment to fiscal discipline, debt reduction, and economic growth reinvigoration. Developed local capital markets compared with its rating peers. Political stability. Difficulty in reducing a high general government debt burden. Limited fiscal flexibility. Vulnerability stemming from the island's geographical location, size, and openness. Achieving higher rates of economic growth is one of the main goals of the Jamaica Labour Party (JLP), which came to power in September 2007. Jamaica's real GDP growth, which averaged 1.6% over the past decade, continues to be constrained by a crowding out of the private sector because of the government's high borrowing needs, labor-market rigidities affecting productivity, high security costs, and external shocks. Hurricane Dean, followed by a prolonged rainy period, dampened GDPJAM470160Jamaica339984EMERGINGLATAMERICA1084Z@JAFULLGLOBISSSTRUCSOVABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/651990spcred/651990normThe latest Summary from S&Pglobal6/3/2008 6:21:42 PM175Summary651990JamaicaDiversified BanksLatin AmericaEmerging MarketsGlobal IssuersFinancial InstitutionsSummaryStandard&Poor's Ratings Services' ratings on National Commercial Bank Jamaica Ltd. (NCB) are constrained by the sovereign ratings on Jamaica because sovereign bonds and loans to public entities represent most of NCB's assets. The ratings are also constrained by NCB's larger-than-peer loan concentration in its main clients and its operating in a relatively small, highly indebted, and nondiversified economy. The bank's relevant market presence in the Jamaican banking system, adequate performance in a challenging environment, and consistent improvements in its operating performance support the ratings. NCB maintains a large exposure to Jamaica's government, represented by investments in government bonds. In addition, a significant portion of the loan portfolio is concentrated in public-sector companies, in which the government is theJAM40101010 401010 4010 40National Commercial Bank Jamaica Ltd.349751LATAMERICAEMERGINGNCB@JASUMMARYGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/649084spcred/649084normThe latest News from S&Pglobalstructured5/19/2008 6:27:08 PM100News649084JamaicaEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceSovereignsAsset-Backed SecuritiesNewsNEW YORK (Standard&Poor's) May 19, 2008--Standard&Poor's Ratings Services said today that it affirmed its 'B' long-term and short-term sovereign credit ratings on Jamaica. Standard&Poor's also said that the outlook on Jamaica remains stable. "Supporting the ratings are the government's commitment to fiscal discipline, debt reduction, and economic growth reinvigoration," said Standard&Poor's credit analyst Olga Kalinina. "Jamaica's local capital markets, which are well developed compared with those of its rating peers, and political stability are also rating strengths." The ratings remain constrained because of the difficulty in reducing the high general government debt burden as well as the limited fiscal flexibility. The country's increasing external vulnerability stemming from the island's geographical location, size,JAM470160Jamaica339984EMERGINGLATAMERICA1084Z@JANEWSGLOBISSSTRUCSOVABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/649085spcred/649085normThe latest Research Update from S&Pglobalstructured5/19/2008 6:27:08 PM175Research Update649085JamaicaEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceSovereignsAsset-Backed SecuritiesResearch UpdateOn May 19, 2008, Standard&Poor's Ratings Services affirmed its 'B' long-term and short-term sovereign credit ratings on Jamaica. The outlook remains stable. Supporting the ratings are the government's commitment to fiscal discipline, debt reduction, and economic growth reinvigoration. Jamaica's local capital markets, which are well developed compared with those of its rating peers, and political stability are also rating strengths. The ratings remain constrained because of the difficulty in reducing the high general government debt burden as well as the limited fiscal flexibility. The increasing external vulnerability stemming from the island's geographical location, size, openness, and high amortization needs is a significant credit weakness. Achieving higher rates of economic growth is one of the main goals of theJAM470160Jamaica339984EMERGINGLATAMERICA1084Z@JARESUPDGLOBISSSTRUCSOVABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/644144spcred/644144normThe latest Summary from S&Pglobal4/22/2008 1:01:56 PM175Summary644144JamaicaAirlinesEmerging MarketsLatin AmericaGlobal IssuersCorporationsTransportationSummaryStandard&Poor's Ratings Services' rating on Air Jamaica Ltd., which is aligned with the long-term foreign currency sovereign credit rating on Jamaica, is based on the government's unconditional guarantee of both principal and interest payments on the notes due in 2015, and the notes due in 2027. On Dec. 23, 2004, the government purchased 72.3% of Air Jamaica's outstanding shares, giving it total control of the airline. The Jamaican government privatized the airline in 1994, but took control of it after the company suffered major losses since that year. The government has announced a plan to divest its noncore assets, such as Air Jamaica. However, we do not expect this to occur until midyear 2009, and the government's guaranteeJAM00912320302010 203020 2030 20Air Jamaica Ltd.390601EMERGINGLATAMERICA106173Z@JASUMMARYGLOBISSCORPTransportationCredit & Investment ResearchS&P Credit Research