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Fitch upgrades Jamaica’s ratings to B minus

Published:Tuesday | February 16, 2010 | 6:15 PM

International rating agency Fitch today upgraded Jamaica’s long-term local and foreign currency Issuer Default Ratings (IDR) to B minus.

The rating outlook was also upgraded from “Negative” to “Stable”.

This follows the downgrade in January when the long-term local currency IDR was downgraded to “C” and the long-term foreign currency IDR was affirmed at “CCC.”

The revision in the ratings is attributed to a combination of the recent approval of the US$1.27 billion IMF Stand-By Arrangement, the successful Jamaica Debt Exchange (JDX) and the Government’s commitment to maintain macroeconomic stability and implement reforms as articulated in the economic programme.