KINGSTON, Jamaica — Fitch Ratings on Tuesday upgraded Jamaica’s long term foreign currency and local currency issuer default ratings (IDR) to B- from CCC. The rating agency also raised the short-term foreign currency rating from C to B and the country ceiling from B- to B. The outlook was also upgraded to “stable”.

The ratings were supported by the following positive indicators:

• Reduced financing risks due to fiscal consolidation and the lengthening of domestic debt repayments,

• The successful completion of two reviews under the IMF program and the satisfaction of all the quantitative targets and structural benchmarks for the third review,

• Preservation of broad macroeconomic and financial stability,

• The declining path of Jamaica’s public debt/GDP due to the national debt exchange executed in February 2013 coupled with an increase in primary surpluses and modest economic recovery, and

• Access to multilateral funding which has eased external financing constraints.

The government welcomed the positive rating action of Fitch Ratings and said it is committed to continuous improvement in Jamaica’s fiscal and debt operations thereby facilitating further economic recovery and positive growth.

Source: Caribbean News Now