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To this end, although the capital and financial account posted a surplus of only USmn in Q well below the US current account deficit, Links of London believe this is only temporary and expect a surge in foreign direct investment in tandem with the aforementioned mining and infrastructure projects to begin materialising through the remainder of the year, covering any financing shortfall in the process. Jamaica We Links of London H Charm Jamaica’s plans to raise USmn through external financing in order to pay for existing debt maturing in bodes ill for the country’s fiscal sustainability. It also raises questions over the government’s ability to meet the conditions set out as part of the StandBy Arrangement with the IMF, although for now we believe a credit event remains highly unlikely. We believe Jamaica will face an increasingly difficult time in achieving fiscal consolidation if it continues to repay existing obligations by issuing more debt. According to the Minister of Finance, Audley Shaw, the government intends to tap the international credit markets to the tune Links of London G Charm USmn in order to pay for debt maturing in May . With a total public sector external debt load of US.bn by April , a successful debt issuance would provide no improvement to our projection for the external debt load to hit . of GDP in . When combined with our forecast for internal debt to reach US.bn in , the country’s debt burden is still on track to meet what we believe will be an unsustainable . of GDP by the end of the year. Links of London F Charm the debt issuance is likely to be successful given that the highyielding Jamaican bonds promise attractive returns in this lowyielding global environment, there are far more attractive investment opportunities elsewhere in the region, in our view. We rank Jamaica second from bottom just above Nicaragua in our revised regional sovereign risk ratings, giving the country an E rating.