NCB Capital Markets

NCB Capital Markets (NCBCM) recently highlighted Jamaica’s positive economic transformation in its NCBCM Market Guide, noting that Jamaica’s sovereign credit rating has improved to a ‘non-investment grade speculative’ category. This comes as the sovereign recently received two rating upgrades in just over a month from international rating agencies Standard and Poor Global Ratings (S&P) BB-/stable, and Moody’s Investor Services (Moody’s) B1/positive.

According to the article titled ‘Jamaica’s Fiscal Discipline Paying Dividends’ these upgrades have improved Jamaica’s access to capital markets through more favourable terms.

NCBCM reported that following recent rating upgrades, the Government of Jamaica (GOJ) plans to issue new local currency notes on international capital markets. This move is aimed at refinancing USD-denominated short- to medium-term notes due in 2025 and 2028 through a cash tender offer. This strategy extends the maturity profile of Jamaica’s debt and reduces its exposure to foreign exchange risk, making the debt more manageable and facilitating further reductions in the debt-to-GDP ratio.

https://www.jamaicaobserver.com/business/government-preparing-to-refinance-debt-as-credit-ratings-improve/