Standard & Poor's removed Jamaica from "default" status on its debt Wednesday after the country completed a new debt restructuring, while Moody's downgraded the country, saying its fiscal challenges remained deep.
S&P put Jamaica's sovereign rating at a low CCC+, still "junk" level but no longer "selective default," the grade assigned after the government announced in February it would launch a crucial domestic debt swap.
Prior to rating the country in default, S&P had given Jamaica a higher B- grade.
Moody's placed Jamaica on review when the debt swap was announced. In the aftermath, on Wednesday it cut Jamaica's rating to Caa3 from B3, calling its debt burden "among the highest of all rated sovereigns."