KINGSTON, Jamaica — Fitch Ratings Agency yesterday affirmed Jamaica’s long-term foreign and local currency Issuer Default Ratings at ‘B’ and revised the outlook from “stable” to “positive”.

The rating action, according to a release from the Ministry of Finance and Public Service, was predicated on the improvements in the macroeconomic and fiscal indicators.

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 ministry said.

The release further outlined that the report from the rating agency highlighted that macroeconomic stability continues to improve and the public debt/GDP ratio continues on a downward trajectory.

The report also highlighted that the Government is on course to record another primary fiscal surplus of around 7.0 per cent of GDP for the fiscal year 17/18 which is equivalent to an overall balanced budget.

It said the Jamaican dollar has appreciated relative to the US dollar and the Bank of Jamaica benchmark overnight rates have been lowered.

External finances are also said to be on a sustainable path and external liquidity reportedly improved.

The Government said it welcomed the rating action by Fitch, which underscored the country efforts in maintaining a stable macroeconomic environment that will facilitate sustained growth required for development.