Standard & Poor’s Upgrades Ja’s Credit Rating from B- to B

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Jamaica’s credit rating has been raised for the second time in a week.

Credit ratings agency Standard-and-Poor’s has lifted Jamaica’s sovereign rating from B-minus to B.

It’s now five steps below investment grade, in the same category as Ethiopia and Albania.

S&P also changed Jamaica’s outlook from stable to positive.

The ratings agency says the island is making progress in lowering a debt level that remains among the highest in the world.

In announcing the upgrade, S&P analyst Julia Smith says Jamaica’s growing track record in meeting its fiscal targets ensures continued inflows of funding.

The agency says it expects government debt to fall to less than 1-hundred-and-20-percent of GDP by 2018, down from an estimated 1-hundred-and-28-percent this year.

They’re also forecasting 2-percent growth this year, compared with 0-point-4 percent last year.

Last Friday, Moody’s upgraded Jamaica’s credit rating one notch, from C-a-a-3 to C-a-a-2.

Moody’s says the government’s commitment to fiscal reform should help accelerate economic growth in the next two to three years.