Fitch upgrades Clarendon Alumina

Fitch Ratings said it upgraded Clarendon Alumina Production Ltd.'s foreign- and local-currency issuer default rating to B- from CCC, along with its $200 million 8½% unsecured notes due November 2021 to B- with a recovery rating of RR4 from CCC. The 15-year notes continue to be supported by an unconditional guarantee by the government.

The outlook has been revised to stable from negative.

The ratings are linked to Jamaica's rating and reflect its 100% ownership by the government of Jamaica.

The upgrade follows the recent upgrade of the long-term foreign-currency issuer default rating of Jamaica to B- from CCC, Fitch said.

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