Despite the numerous harsh economic blows to the Jamaican market, Standard and Poor's has reaffirmed the country's single-B-plus rating with a stable outlook, and according to sources, the market seems to have maintained conditions that are still conducive to securitizations.

As Jamaica's National Commercial Bank Jamaica (NCB) priced a $125 million privately placed credit card transaction via Citibank last July (see ASR 7/23/01) the country was also enduring a span of violent cross-fire between rival political gangs representing the ruling People's National Party (PNP) and the Jamaica Labour Party (JLP) led by Edward Seaga, an American born, Harvard-trained anthropologist.

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