Article: Fitch Rates Clarendon Alumina Production (CAP) 'B'; Outlook Stable.

CHICAGO -- Fitch assigns a local and foreign currency Issuer Default Rating (IDR) of 'B' to Clarendon Alumina Production Limited (CAP). The Rating Outlook is Stable. CAP is 100% owned by the Government of Jamaica (GoJ) and is a partner with a subsidiary of Alcoa Inc. in a bauxite mining and alumina refining operation in Jamaica called Jamalco.

Fitch has also assigned a preliminary 'B' issue rating and a RR4 recovery rating to CAP's proposed issuance of US$200 million unsecured notes. The 15-year notes will amortize beginning in June 2011 with 21 equal semi-annual payments of approximately US$9.52 million until 2021. The proceeds of the issuance will be used ...

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