PSOJ encouraged by Fitch upgrading
The Private Sector Organisation of Jamaica (PSOJ) said it encouraged by news yesterday that the country’s long-term and short-term foreign currency ratings, and the local currency Issuer Default Ratings have been upgraded by Fitch Ratings.
Fitch upgraded the currency ratings to B- from CCC as well as the outlook on Jamaica to stable.
Fitch indicated that the ratings were supported by reduced financing risks due to fiscal consolidation and the lengthening of domestic debt repayments.
In addition, the rating were supported by the successful completion of two reviews under the economic support programme with the International Monetary Fund, as well as the satisfaction of all quantitative targets and structural benchmarks for the third review.
In a release, the PSOJ said it “congratulates the government, in particular the Finance Minister and his team on their hard work in getting the country to this stage and points out that we must remain on this current economic programme, difficult as it may be, in order to ensure that the country’s debt ratings continue to improve.”
It also encouraged all the social partners to continue to work together to ensure the country sticks to the economic reform programme, which will significantly help to place the economy on a much better footing going forward.