Moody's, the rating agency, has downgraded Noranda Aluminum, the parent company of Noranda Jamaica Bauxite.
The rating was reduced to a lower level in the C category. The outlook is negative.
The credit downgrade follows an announcement from Noranda last month that it will be making 13 positions at its Discovery Bay plant redundant.
The company has signaled that there may be more redundancies.
Noranda has been taking steps in recent weeks to cut costs at its operations in Jamaica and the United States, after facing financial challenges.
Mining Minister Phillip Paulwell has said the Jamaican Government will be focused on preserving jobs at Noranda as it goes into negotiations over the future of bauxite mining in south St Ann.
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