International credit rating agency, Moody’s Investors Service, has affirmed Jamaica’s B3 credit rating and changed the country’s economic outlook from stable to positive.
The outlook adjustment was made last Friday.
Moody’s says the change reflects the country’s ongoing fiscal consolidation, improved institutional capacity, and improved policy effectiveness.
Moody’s says if the Government of Jamaica continues to exhibit fiscal discipline, this would support a continued reduction in the country’s debt burden.
It says over the last several years, the GOJ has adopted a considerably more proactive approach to liability management and fiscal discipline, largely through the guidance of the International Monetary Fund, IMF since 2013.
Moody’s says this has led to a decline in government debt to 105% of GDP in Fiscal Year 2017/18 from 129% in FY 2013/14.
It says this declining trajectory of the country’s debt levels, increased fiscal stability and the Bank of Jamaica’s enhanced influence in maintaining price stability has improved macroeconomic conditions and improved Jamaica’s overall creditworthiness.
Moody’s is one of the most trusted international credit agencies used by investors when seeking opportunities.