FITCH RATINGS AFFIRMS JAMAICA’S RATING AT ‘BB-’ WITH THE OUTLOOK REMAINING “STABLE” 

Kingston, Jamaica: Friday, February 6, 2026

Fitch Ratings Agency, on February 5, 2026, affirmed the Government of Jamaica’s Long-Term Foreign-Currency and Local Currency Issuer Default Rating (IDR) at ‘BB-’ and maintained the outlook at “Stable”.

In explaining the ratings action, Fitch pointed out the government’s continued commitment to maintaining macroeconomic stability while managing one of the most severe natural disasters to affect Jamaica in recent history. Hurricane Melissa, which struck the island on October 28, 2025, caused widespread destruction, particularly across the western region, with estimated damage reaching USD 8.8 billion or 40.0 percent of GDP.

Fitch projects a temporary economic contraction of 1.5 percent in 2025 and 2.6 percent in 2026, as Jamaica advances reconstruction efforts. Despite these challenges, the rating agency highlighted Jamaica’s robust financial preparedness, underscored by a multilayered risk‑management framework that includes concessional multilateral loan packages exceeding US$6.0 billion, government insurance and contingency funds totalling nearly US$250.0 million, additional lines of credit, a catastrophe bond facility of US$150.0 million, and substantial expected private insurance inflows.

The agency also noted Jamaica’s responsible fiscal response, including the temporary suspension of the Fiscal Responsibility Law to accommodate urgent reconstruction costs. Fiscal balances are forecast to swing into deficit in FY2025 and FY2026; however, primary surpluses are expected to resume in FY2027, aligning with the government’s target to reduce debt‑to‑GDP levels toward 60.0 percent.

Minister of Finance and the Public Service, Fayval Williams, said that she welcomes the rating agency, Fitch Ratings, affirming Jamaica’s international credit ratings. Minister Williams said that Fitch’s highlighting of the fact that “Jamaica’s government has a strong decade-plus track record of adhering to a solid fiscal framework, which has resulted in a sharp reduction in debt/GDP” speaks volumes for the work of the government, its steadfastness to fiscal discipline and the many sacrifices of the people of Jamaica. 

Fitch indicated that it believes the government will remain “committed to its fiscal framework and will actively seek to reduce its debt burden once reconstruction efforts are achieved.” Minister Williams confirmed that this is the commitment of the Government of Jamaica.

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For further information contact:

Debt Management Branch

Ministry of Finance and the Public Service

30 National Heroes Circle

Tel: (876) 832-9743

Email: cheryl.smith@mof.gov.jm

Contact: Cheryl Smith

Website: www.dmb.gov.jm