Moody’s Rating Agency upgraded Jamaica’s credit rating to B2 from B3, with an outlook of stable.

The upgrade was announced yesterday.

Moody’s says the improved rating reflects the government of Jamaica’s steady track record of improved fiscal management achieved through its resolute commitment to fiscal consolidation.

It says key structural reforms to strengthen the country’s economic framework, particularly the move to inflation targeting, also contributed to the upgrade.

Moody’s also recognizes Jamaica’s steps to strengthen fiscal resilience against natural disasters.

In response, Finance Minister, Dr Nigel Clarke says he’s pleased with the upgrade.

And, he says it underscores the importance of the government’s commitment to sustained economic reform.