Claiming Jamaica appears close to defaulting on its debts, ratings agency Moody's Investors has downgraded the country's local and foreign currency bonds from B2 to Caa1 with a negative outlook.
The Moody's markdown follows on the heels of Standard and Poor's (S&P) downgrade of Jamaica's bonds to triple C with a negative outlook two weeks ago.
Source for both quotes; http://www.jamaica-gleaner.com/gleaner/ ... lead4.html
After reading the article I have no clue what the downgrades mean.
Who is actually buying Jamaican bonds?
Does this mean that their exchange rate will even get worse ($ having less value)?
Somebody with a clue fill me in please.
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