Rating agency gives positive outlook for Jamaica

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Rating agency gives positive outlook for Jamaica

Thursday, September 27, 2018

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KINGSTON, Jamaica — Minister without Portfolio in the Ministry of Finance and the Public Service, Fayval Williams says international credit rating agency, Standard and Poor's (S&P), has improved its outlook for Jamaica from stable to positive.

“On September 25, Standard and Poor's, one of the three global rating agencies, affirmed Jamaica's rating at single B and raised its outlook to positive from stable. Standard and Poor's said that after many years of economic fiscal and monetary reforms, Jamaica has made material progress in achieving macroeconomic stability and improvement in its external debt burden,” Williams disclosed at yesterday's post-Cabinet press briefing at Jamaica House..

She said accordingly, S&P said: “We are revising our outlook on Jamaica to positive from stable and affirming our single B long- and short-term sovereign credit ratings on the country”.

The minister explained that the positive outlook reflects the likelihood of an upgrade if, in the next 12 months, Jamaica further strengthens its external liquidity position while maintaining tight fiscal policy, high primary surpluses and modestly positive real gross domestic product (GDP) growth.

Williams noted that in July of this year, Moody's also affirmed its rating and also changed its outlook from stable to positive.

“So, where we are now, we have two of the major global rating agencies that have changed their outlook on Jamaica to positive from stable,” she said.

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