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International ratings agency upgrades Jamaica

Published:Friday | May 29, 2015 | 9:47 AM

International ratings agency, Moody’s, has upgraded Jamaica's government bond rating and government-related entities to Caa2 from Caa3.

At the same time Moody's has changed Jamaica's debt ceilings while maintaining a positive outlook.

Moody's Investors Service yesterday said the decision to upgrade Jamaica's rating was driven by continued Fiscal consolidation and a strong commitment to structural reform.

The ratings agency says the improved balance of payments position and reduced vulnerability to external shocks such as natural disasters and world events also played a part in the upgrade.

According to Moody’s, the positive outlook reflects the expectation that Jamaica will sustain the reform momentum under the International Monetary Fund-supported program.

It also feels that Jamaica will solidify its fiscal programme of adjustment in a bid to continue to pay down its debts.