A major ratings agency has upgraded Jamaica’s long-term foreign and local currency rating.
News from Jamaica’s Finance Ministry said Standard and Poor’s Ratings Agency (S&P), on Friday September 27, upgraded the Government of Jamaica’s long-term foreign and local currency rating to “B+” from “B”.
At the same time S&P affirmed the ‘B’ rating on the short-term foreign and local currency sovereign credit ratings. The outlook remains “stable”. S&P Global Ratings also raised its transfer and convertibility assessment to ‘BB-‘ from ‘B+’.
S&P said that the rating action reflected Jamaica’s sustained progress in achieving macroeconomic stability and strengthening its external liquidity, which improved the country’s ability to withstand external shocks. They also cited anticipated continuation of public-sector reforms and establishment of an independent fiscal council as critical factors to promote sustainable fiscal practices and deepen government accountability in a post International Monetary Fund Stand-By Arrangement environment.