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.