Fitch Upgrades Jamaica’s Rating to ‘BB-’; Outlook Positive

• Fitch Ratings upgraded Jamaica's Long-Term Foreign-Currency and Local-Currency Issuer Default Ratings (IDRs) to 'BB-' from 'B+'. The Outlook remains Positive. Additionally, the agency has also upgraded Jamaica's Country Ceiling to 'BB' from 'BB-'.
• The upgrade reflects the government’s continued commitment to a stable economic policy framework underpinned by the Bank of Jamaica’s inflation-targeting monetary policy, as well as sound fiscal management anchored on debt reduction targets.
• The Government’s commitment to delivering large primary surpluses, which has supported a significant reduction in Jamaica’s debt burden, also factored into the ugrade.
• The Positive Outlook reflects Fitch's expectation of continued improvement in debt metrics and further deepening of the policy framework over the next few years.
• This now gives Jamaica a BB- credit rating from all the big three international credit rating agencies, following positive actions by Standard and Poor’s Global Ratings on September 13, 2023, and Moody’s Ratings on October 18, 2023.
• The Honourable Nigel Clarke, Minister of Finance and the Public Service, in commenting on the rating action, noted, “This credit rating applied by Fitch is the highest rating that the Government of Jamaica has secured from Fitch since Fitch started rating Jamaica’s debt eighteen (18) years ago.”

(Sources: Fitch Ratings& JIS)