President of Money Masters Limited, Claudette Crooks, is taking issue with Fitch Ratings Analyst, Charles Seville’s characterization of Jamaica as a recent defaulter.
Ms. Crooks notes that Jamaica has never defaulted on it’s foreign debt and only partially restructured its local holdings.
However, Ms. Crooks admits that while the improved Fitch rating is a step in the right direction, Jamaica still has significant ground to cover before the country reaches what’s known as an investment grade rating.
Investment grade starts at BBB- which is four tiers above Jamaica’s current status of B+.
She says if Jamaica can remove the impediments to sizeable economic growth the country can attain investment grade status.