Jamaica Long-Term Ratings Raised To 'BB' From 'BB-' On Stronger Institutions; Outlook Is Positive

• On September 25, 2025, S&P Global Ratings (S&P) raised its long-term foreign and local currency sovereign credit ratings on Jamaica to 'BB' from 'BB-', and its transfer and convertibility assessment to 'BB+' from 'BB'. At the same time, S&P Global Ratings affirmed its 'B' short-term foreign and local currency sovereign credit ratings on Jamaica. The outlook is positive.
• The positive outlook reflects S&P’s expectation that continued primary fiscal surpluses will let the government meet its fiscal responsibility law debt target, likely ahead of schedule. This would demonstrate its decade-long commitment to effective and predictable fiscal policymaking. At the same time, S&P expects the government’s debt burden to decrease.
• Furthermore, the recent election in Jamaica has solidified S&P’s view that there is consensus across political parties and civil society about the importance of sustainable public finances. This consensus has sustained large primary fiscal surpluses over the past decade, contributing to large decreases in government debt and underpinning an improvement in the agency’s institutional assessment of Jamaica.
• The combination of consistent primary surpluses and higher GDP levels will lead to net general government debt falling below 50% this year, and continuing to fall during the forecast horizon. Net general government debt is set to reach just below 48% this year, four percentage points lower than S&P’s 2025 forecast made last year. At the same time, the agency expects the government interest to revenue metrics will fall, averaging just over 15% from 2025-2027.

(Source: S&P Global Ratings)