S&P Upgrades Jamaica from ‘B+’ to ‘BB-’, Outlook Remains “Stable”

­­­­­­­­­­­­­­­­­­­­­Kingston, Jamaica: Wednesday, October 18, 2023

Moody’s Investors Service, today, Wednesday, October 18, 2023, upgraded the Government of Jamaica’s (GOJ’s) long-term issuer and senior unsecured ratings from ‘B2’ to ‘B1’ and revised the outlook from Stable to Positive.

The decision to upgrade the rating reflects Moody’s analysis that the GOJ, faced with various external shocks, maintained a steadfast commitment to sustainable fiscal policy anchored on Jamaica’s medium term debt target. The ratings agency cited that the Government of Jamaica successfully reversed the increase in debt levels caused by the COVID-19 pandemic and effected fiscal policies that supported the continued improvement in debt metrics. Jamaica’s debt level is now well below pre-pandemic levels, declining more than 30.0 percentage points to 78 % in 2022 from the 110 % recorded in 2020 and is expected to continue that downward trajectory.

The outlook’s revision to ‘Positive’ reflects the Agency’s assessment that a sustained positive fiscal trajectory stemming from reforms undertaken to improve fiscal, monetary and economic policy effectiveness will continue to bolster the country’s credit resilience.

Responding to the ratings upgrade, the Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke stated, “ Today’s credit rating upgrade by the international credit rating agency Moody’s is yet another testament to the effectiveness of the GOJ’s economic policy framework in improving Jamaica’s economic independence and creating an environment that is attractive to investment and that supports jobs and growth. Our economic policy framework has been principled, unwavering and disciplined, even in the face of monumental adversity in the form of the COVID-19 pandemic. Today, the Jamaican economy is stronger as a result. We must do everything to preserve and maintain these gains.”

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For further information contact: 

Corporate Communication & Public Relations Branch

Ministry of Finance and the Public Service

30 National Heroes Circle

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