S&P Affirms Jamaica at ‘B+’, Outlook Remains “Stable”
Kingston, Jamaica: Wednesday, October 5, 2022
Standard and Poor’s Global Ratings, today, October 5, 2022, affirmed the Government of Jamaica’s Long-Term Foreign and Local Currency Issuer Default Rating (IDR) at ‘B+’ with the outlook remaining Stable.
The S&P rating reflects the agency’s notion that Jamaica’s economy will continue to recover, with expected Gross Domestic Product (GDP) growth of 4.0 % in 2022. It is also expected that the Government will remain committed to sustainable public finances, including the achievement of the current year’s budgeted fiscal targets.
The outlook is grounded in the expectation that Jamaica will remain committed to macroeconomic and fiscal discipline with a continued downward trajectory of the debt burden.
S&P noted that the country continues to face downside risks from slowing global growth, lower than expected domestic growth, a potential recession in the US, and the impact of global inflation.
In commenting on the rating action Dr. the Honourable Nigel Clarke, Minister of Finance and the Public Service said, “This affirmation by S&P, which comes at a time of great uncertainty in the world economy, is yet another sign that Jamaica’s strategy of reducing vulnerability and strengthening resilience is paying off.”
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October 5, 2022
For further information contact:
Debt Management Branch
Ministry of Finance and the Public Service
30 National Heroes Circle
Kingston 4
Tel: (876) 932-5419
Email: cheryl.smith@mof.gov.jm
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
Eml: opedjamaica@gmail.com
My fellow Jamaicans,
You may have noted that in its Economic and Fiscal Assessment Report which was published in January, the Independent Fiscal Commission said Hurricane Melissa caused an estimated US$8.8 billion in damage — which is about 41 per cent of GDP.
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”.
Auditors, public sector workers and government officials were urged to strengthen stakeholder confidence in public services by reinforcing trust, enhancing risk oversight and building institutional resilience at the Government of Jamaica’s (GOJ) Audit Committees’ Conference, held at the Jamaica Pegasus Hotel on Wednesday, January 21, 2026.
Reference is made to Ministry of Finance and the Public Service Press Release of November 6, 2025 regarding the relief of customs duty and general consumption tax (GCT) on a specified list of items.
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