S&P boosts Air Jamaica

Standard & Poor's said it raised, then withdrew, the corporate credit rating on Air Jamaica Ltd. to B- from CCC and removed it from CreditWatch, where it was placed with developing implications in February.

The agency also said it affirmed the B- rating on the company's notes due 2015 and 2027, guaranteed by the government of Jamaica, which has B- and C ratings with a stable view.

The outlook is stable.

The upgrade follows news that Jamaica will assume all the debt of the Air Jamaica, as a result of the divestiture of the airline to the national carrier of the Republic of Trinidad and Tobago, Caribbean Airlines Ltd.

With Air Jamaica now divested, the Jamaican government assumed $532.5 million of its debt, the agency said.

Fitch lifts Even

Fitch Ratings said it upgraded the national scale rating of Even Construtora e Incorporadora SA to A-(bra) from BBB+(bra), along with its national scale ratings on the R$100 million second issuance of debentures due in 2012 and the R$75 million third issuance of debentures due in 2013 to A- (bra). Fitch also said it affirmed its B+ foreign- and local-currency issuer default ratings.

The outlook is stable.

The upgrade reflects Even's strong sales performance during 2009, which allowed it to maintain margins in line with market averages while dramatically lowering inventory levels, despite difficult economic conditions, Fitch said.

The upgrades also are supported by the company's solid growth prospects due to its recent equity issuance, the agency said.

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