Sep 2023 Financial News

Jamaica Long-Term Ratings Raised To 'BB-' From 'B+' On Improved Finances; Outlook Stable

Sep 14, 2023

Overview

• Jamaica has weathered the pandemic and related downturn and maintained its commitment to prudent public sectorfinances and debt reduction, while continuing to implement key reforms like the recent central bank modernization.
• The economy is expanding, supporting government finances and propelling the country's debt burden lower.
• As a result, S&P Global Ratings raised its long-term foreign and local currency sovereign credit ratings on Jamaicato 'BB-' from 'B+', and affirmed its short-term foreign and local currency sovereign credit ratings at 'B'.
• The stable outlook reflects our expectation that the government will remain committed to prudent fiscal policies andreducing debt, as well as supportive economic policies including a flexible exchange rate regime and effectivemonetary policy.

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