Friday, February 12, 2016
The UK headquarters of Fitch Ratings in London
Jamaica on February 11 received a ratings upgrade from Fitch Ratings, with the company stating that among its key assumptions was that “the fiscal policy stance will remain broadly unchanged after the general election called by Prime Minister Portia Simpson Miller for February 25 and that the next government will adhere to the IMF programme through March 2017”.
Fitch Ratings has upgraded Jamaica’s long-term foreign and local currency IDRs (International Depository Receipts) to B from B- and revised the Rating Outlooks to stable from positive.
In addition, Fitch upgraded Jamaica’s senior unsecured Foreign- and Local-Currency bonds to B from B-. The Country Ceiling has been affirmed at B and the Short-Term Foreign-Currency IDR affirmed at B.
According to Fitch, key factors in the upgrade were the Jamaica Government’s continued adherance to the fiscal primary surplus targets agreed with the IMF and passing the 10th review of the programme in December.
Leave A Comment