JIS News

Fitch Ratings, on Tuesday February 16, upgraded Jamaica’s long-term local and foreign currency Issuer Default Ratings (IDR) to B-.
The rating outlook was also upgraded from “Negative” to “Stable”. This follows the downgrade in January, when the long-term local currency IDR was downgraded to “C” and the long-term foreign currency IDR was affirmed at “CCC.”
The revision in the ratings is attributed to a combination of the recent approval of the US$1.27 billion IMF Stand-By Arrangement, the successful Jamaica Debt Exchange (JDX) and the Government’s commitment to maintain macroeconomic stability and implement reforms as articulated in the economic programme.
The Government is satisfied with the upgraded rating which represents an endorsement of the Government’s policy actions as put forward in its economic programme. The upgrade at this time sends a significant signal to international and local investors and will help in reinforcing confidence in the market for Jamaica’s debt.
This first step in the recovery of Jamaica’s ratings reflects the Government’s aggressive policy actions as put forward in the economic programme, and the positive impact and success of the JDX.

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