Fitch Ratings revises Outlook for Jamaica to Positive
By: , February 19, 2015The Key Point:
The Facts
- The positive outlook is predicated on the reduction in external financing risks evidenced by increase in the reserves, increase in services, remittances and capital inflows, and a decline in the current account deficit which has contributed to lower external financial needs.
- The ratings were also supported by the country’s structural strengths, such as relatively high income per capita and social indicators, policy consensus and relatively strong institutional capacity.
The Full Story
Fitch Ratings today revised the outlook for Jamaica from “Stable” to “Positive” and reaffirmed the country’s long term foreign currency and local currency Issuer Default Ratings(IDR) at ‘B-’ and the short-term foreign currency rating at ‘B’ and a Country Ceiling of ‘B’.
The positive outlook is predicated on the reduction in external financing risks evidenced by increase in the reserves, increase in services, remittances and capital inflows, and a decline in the current account deficit which has contributed to lower external financial needs.
The ratings were also supported by the country’s structural strengths, such as relatively high income per capita and social indicators, policy consensus and relatively strong institutional capacity.
The Government’s commitment to fiscal consolidation and macroeconomic stability and the continued successful performance under the EFF are key assumptions underpinning the rating action.
The Government remains resolute in its stance towards the achievement of the objectives of the Economic Reform Programme.