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Standard & Poor’s upgrades Jamaica’s credit rating

Published:Wednesday | June 3, 2015 | 3:54 PM

Ratings agency Standard & Poor’s has upgraded Jamaica’s long term credit rating from ‘B-‘to ‘B’ with a stable outlook, while maintaining its short term rating at ‘B’.

The new rating cited Jamaica’s adherence to its fiscal programme in the past two years and was underpinned by expectations that the country would stay the course on its economic reform agenda.

Minister of Finance Dr Peter Phillips said the upgrade was an affirmation of the country’s progress on curbing debt and that the external assessment for growth is even more bullish than the Jamaican Government’s forecast.

“This is tangible evidence of the progress that the government has made in managing the economy, and that the sacrifices made by so many have laid the foundation for growth and development of the Jamaican economy, such that both the International Monetary Fund and Standard & Poor’s forecasts for growth of two per cent exceed our own projections,” said Phillips in a statement issued by the ministry.