Fitch Ratings Agency on January 31st 2018 affirmed Jamaica’s long-term foreign and local currency Issuer Default Ratings at ‘B’ and revised the outlook from “Stable” to “Positive”.
The rating action was predicated on the improvements in the macroeconomic and fiscal indicators. The ratings were also supported by the country’s structural strengths, such as relatively high income per capita and social indicators, policy consensus and relatively strong institutional capacity.
The press release highlighted that:
- macroeconomic stability continues to improve;
- the public debt/GDP ratio continues on a downward trajectory;
- the Government is on course to record another primary fiscal surplus of around 7.0 % of GDP for FY17/18 , which is equivalent to an overall balanced budget;
- the Jamaica dollar has appreciated relative to the US dollar;
- The Bank of Jamaica benchmark overnight rates have been lowered;
- external finances are on a sustainable path; and
- external liquidity has improved. The Government welcomed the rating action by Fitch, which underscored the country efforts in maintaining a stable macroeconomic environment that will facilitate sustained growth required for development.
For further information contact:
Debt Management Branch
Ministry of Finance and the Public Service
30 National Heroes Circle
Tel: (876) 932-5419
Contact: Cheryl Smith