Moody's: National Road debt B3

Moody's Investors Service said it assigned a provisional long-term rating of B3 to the prospective debt issuance of Jamaica's National Road Operating and Constructing Co. Ltd. The rated debt will benefit from a full guarantee by the government of Jamaica.

The outlook is stable, in line with the issuer rating of the government.

Moody's said the issuer's payment obligations will carry an explicit, irrevocable and unconditional credit guarantee of the government of Jamaica.

Because Moody's said it considers that the commitment of the Jamaican government to back the issuer's obligations is no lower than its commitment to service its own bonds, the National Road debt will be ranked pari passu with other senior, unsecured debt issuances of the government of Jamaica. Thus, such obligations justify a rating at the same level as the government of Jamaica, according to the agency.

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