International ratings agency upgrades Jamaica
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.