There is more good news for Jamaica’s economic performance as respected ratings agency Standard & Poor’s on Tuesday (September 25), reaffirmed Jamaica’s B credit rating and changed its outlook from ‘stable’ to ‘positive’.
S&P’s raised outlook announcement comes nearly three months after a similarly positive outlook was expressed by Moody’s, back in July – in which Jamaica also retained a B3 credit rating and an upgrade to ‘positive’ from ‘stable’.
Now that two of the major global rating agencies have changed their outlook for Jamaica from ‘stable’ to ‘positive’, Minister without portfolio in the Ministry of Finance Fayval Williams says the likelihood of a further upgrade can be achieved within the next 12 months.
Speaking on Wednesday at a post-Cabinet press briefing at the Office of the Prime Minister (OPM) in St. Andrew, Williams said that the latest outlook is a strong indicator of Jamaica’s long-term economic goals.
“Standard & Poor’s said that after many years of economic, fiscal and monetary reforms, Jamaica has made material progress in achieving macroeconomic stability and improvement in its external debt burden,” Williams stated.
“[This] positive outlook reflects, the at least, one-in-three likelihood of an upgrade if, in the next twelve months, Jamaica further strengthens its external liquidity position, while maintaining tight fiscal policy, high primary surpluses and modest deposited GDP growth,” she added.
By Gavin Riley