Credit ratings agency, Fitch, today upgraded Jamaica’s long term foreign and local currency issue ratings to B, up from B-minus.
They’ve also revised the outlook from stable to positive.
The ratings on Jamaica’s senior unsecured foreign and local currency bonds were also upgraded to B.
Fitch says the ratings are based on a number of factors, including the government’s continued commitment to fiscal consolidation and macro-economic stability.
Another major factor cited is the government’s adherence to the IMF targets and the successful completion of ten quarterly reviews.
The ratings agency says the reduction of public debt has slightly outpaced their expectations.
Fitch adds that although austerity has proven unpopular, they believe the policy stance will remain unchanged after the February 25 general election.
Finance Minister Dr. Peter Phillips says the ratings upgrade is a vote of confidence from the international community in Jamaica’s Economic Reform Programme.