Standard and Poor’s Revises Jamaica’s Outlook

International rating agency Standard and Poor’s on Monday, October 4, affirmed Jamaica’s ‘B- Plus’ long term and ‘B’ short term credit ratings. The agency also revised the country’s economic outlook from “negative” to “stable”.

Along with the ratings, the agency notes that economic recovery is underway in Jamaica, and growth is expected to pick up further in 2022. Despite the economic impact of the COVID-19 pandemic, Jamaica’s rating outlook has been revised from negative to stable by ratings agency, Standard and Poor’s.

The ratings agency also affirmed the Government of Jamaica’s ‘B+’ long-term foreign and local currency sovereign credit ratings and ‘B short-term foreign and local currency sovereign credit ratings. Financial Analyst, Dennis Chung provided insight into what this means for the country. He noted that this shows that the country has been diligent in making its debt payment on time.

The ratings reflects the agency’s view that Jamaica’s “economic recovery will strengthen, government finances will return to fiscal surplus this year, and the impact of the pandemic will gradually recede.”

In a tweet Minister of Finance, Dr. Nigel Clarke welcomes the positive outlook, saying the government remains committed to prudent policymaking. Opposition Spokesperson on Finance, Julian Robinson, also commented on the outlook.

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