S&P raises Jamaica sovereign rating out of default

NEW YORK: Rating agency Standard & Poor's on Wednesday raised Jamaica's sovereign credit rating out of default to CCC-plus after the nation completed a domestic debt exchange.

The outlook is stable, S&P said in a statement.

The country saw its sovereign ratings slashed to default last month after it launched an exchange designed to grapple with a debt load of what S&P said was above 140 percent.

More than 97 percent of eligible claims participated in the restructuring, S&P said.

The International Monetary Fund reached a preliminary agreement with Jamaica last month on a $750 million loan program to help the Caribbean country carry out reforms.

But S&P said the country is still vulnerable to external shocks.

Fitch rates the country CCC. Moody's Investors Service rates Jamaica B3.