Government of Jamaica
The Restructuring of Public Sector Compensation
Kingston, Jamaica: Wednesday, March 9, 2022
Fitch Ratings Affirms Jamaica at ‘B+’, Maintains Outlook at “Stable”
Fitch Ratings Agency, today, March 9, 2022, affirmed the Government of Jamaica’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B+’ and maintained the outlook at “Stable”.
In explaining the affirmation of the “B+” ratings, Fitch highlighted factors driving the ratings action including Jamaica’s favourable business climate, consistent fiscal policy efforts to lower the debt burden, and continued deficit reduction bolstered by a 15.4 percent growth in revenues between April and December 2021. Fitch also noted that measured refinancing of debt will continue to lower debt service costs. Additionally, the Ratings Agency cited healthy reserves underpinned by a strong growth in remittances, where gross international reserves recorded at end-FY2021 was US$4.8 billion.
The outlook reflected Fitch’s expectation that the debt-to-GDP will return to a downward trajectory supported by the Government’s actions to run high primary surpluses.
Dr. the Honourable Nigel Clarke, Minister of Finance and the Public Service, in commenting on the rating action said, “This affirmation of Jamaica’s credit rating by Fitch, even as the war in Ukraine unfolds, is tangible demonstration of the confidence of international investors in Jamaica and the resilience of our economy.”
For further information contact:
Debt Management Branch
Ministry of Finance and Planning
30 National Heroes Circle
Tel: (876) 932-5419
Contact: Cheryl Smith
The Hon. Nigel Clarke, D.Phil., MP
Minister of Finance and the Public Service
30 National Heroes Circle, Kingston 4
Tel: (876) 932-4656 / 4660 / 4655
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