Opposition Spokesman on Finance Dr Omar Davies says the resignation of the central bank governor Derrick Lattibeaudiere is likely to result in more fallout for the country in the international markets.

Rating agency Standard and Poors’ has downgraded Jamaica from ‘Triple C Plus’ to ‘Triple C’ maintaining a negative outlook for the economy.

Dr Davies believes the Governor’s resignation has come at the worst possible time considering Jamaica’s current financial climate as well as the ongoing negotiations with the International Monetary Fund (IMF)

Dr Davies said the Governor’s departure has also compounded the issue of the country’s revenue shortfall and economic confidence.

Dr Davies said Standard & Poors’ had already warned the government following the previous downgrade in August that any negative situation would result in a further downgrade.

He said the Governor’s resignation would have added to Jamaica’s negative outlook rating.