20 Feb 2013 Downgrade

Fitch Downgrades Clarendon Alumina Production to 'CCC'

Fitch Ratings-Chicago-20 February 2013: Fitch Ratings has downgraded Clarendon Alumina
Production Limited's (CAP) ratings as follows:

--Long-term foreign currency (FC) Issuer Default Rating (IDR) to 'CCC' from 'B-';
--Local currency (LC) long-term IDR to 'CCC' from 'B-';
--USD200 million 8.5% unsecured notes due November 2021 to 'CCC/RR4' from 'B-/RR4'.

The Negative Outlook has been removed.

KEY RATING DRIVERS

CAP's ratings are directly linked to those of Jamaica. The unsecured notes are supported by an
explicit unconditional and irrevocable guarantee by the Government of Jamaica (GoJ) for the timely
payment of interest and principal.

The downgrade of CAP's ratings to 'CCC' follow the downgrade of Jamaica's international senior
unsecured debt instruments to 'CCC' from 'B-'and long-term FC and LC IDR's to 'C' from 'B-' on Feb.
12, 2013.

CAP's ratings mirror the ratings for Jamaica's international bonds, as an unsuccessful debt
exchange could result in increased financing pressures for the sovereign.

Jamaica's ratings were downgraded after the proposed debt exchange announced by the
government involving approximately J$860 billion in both FC and LC domestic debt. Fitch considers
that Jamaica's proposed domestic debt exchange will, if completed, constitute a default. Hence, the
sovereign's FC and LC IDRs will be lowered to 'Restricted Default' (RD) upon completion of the
exchange. The government plans to close the exchange on Feb. 21, 2013.

Jamaica's ratings will be raised out of default shortly after Fitch determines that the exchange has
been successful, which is typically measured by a minimum participation rate of 90%. The new
rating will be consistent with Jamaica's prospective credit profile and debt structure. CAP's ratings
will mirror the action taken in accordance with its 100% government ownership.
CAP is the holding company for the government of Jamaica's 45% ownership in a joint venture with
a subsidiary of Alcoa called Jamalco, which is a bauxite mining and alumina refining operation in
Jamaica. Jamalco is an unincorporated joint venture association that involves the proportionate
sharing of production costs and the alumina output of the Clarendon Alumina Refinery (CAR).
CAR's production rate during fiscal 2012 was 1.27 million tons, down on normal average
production of 1.36 million tons due to power issues during the fiscal year.

Contact:

Primary Analyst
Jay Djemal
Director
+1-312-368-3134
Fitch Ratings, Inc.
70 W. Madison St.
Chicago, IL 60602

Secondary Analyst
Joe Bormann, CFA
Managing Director
+1-312-368-3349

Committee Chairperson
Dan Kastholm, CFA
Managing Director
+1-312-368-2070

Media Relations: Elizabeth Fogerty, New York, Tel: +1 (212) 908 0526, Email:
elizabeth.fogerty@fitchratings.com.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by,
or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the
ratings.

Applicable Criteria & Related Research:

--'Corporate Rating Methodology' (Aug. 8, 2012);
--'Country-Specific Treatment of Recovery Ratings' (June 15, 2012).
Applicable Criteria and Related Research:
Corporate Rating Methodology
Country-Specific Treatment of Recovery Ratings

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