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Article: Fitch Rates Clarendon Alumina Production's Issuance 'B+'.
- Article from:
- Business Wire
- Article date:
- November 9, 2006
CopyrightCOPYRIGHT 2006 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHICAGO -- Fitch has assigned a preliminary 'B+' issue rating and an 'RR4' recovery rating to the proposed issuance of US$200 million unsecured notes due in 2021 by Clarendon Alumina Production Limited (CAP). The 15-year notes will benefit from an explicit unconditional and irrevocable guarantee by the Government of Jamaica (GoJ) for timely payment of interest and principal on the notes. The foreign currency Issuer Default Rating (IDR) of the GoJ is 'B+'.
The 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 primarily to refinance existing debt ...