Ratings agency Standard and Poor's (S&P) has downgraded Jamaica to triple C and has maintained a negative outlook for the economy.

This rating is down from triple C plus which was assigned earlier this year.

Jamaica’s new triple C rating is just one notch above the default rating.

A default rating means that the country will not be able to pay back its debt.

The rating agency has cited the departure of central bank governor Derrick Latibeaudiere as a primary reason for the downgrade.

The governor who resigned with immediate effect was the chief negotiator with the International Monetary Fund, IMF.

Jamaica is seeking 1 point 2 billion US dollars in a stand-by loan arrangement with the IMF.

Standard and Poor's has also cited that since it assigned the last rating to Jamaica earlier this year, the Government’s room to manourvre has been compromised.

Standard and Poor's says this was reflected in the supplementary estimates.

In the supplementary estimates, programmes spending was increased by $6.38 billion to $561.4 billion this fiscal year.

At the same time revenue inflows continued to decline.

From April to September this year, the revenue shortfall was $15.7 billion.

And the fiscal deficit was $65 billion.