Standard and Poor’s Global Ratings has affirmed the Government of Jamaica’s Long-Term Foreign and Local Currency Issuer Default Rating (IDR) at ‘B+’ with the outlook remaining stable.
The S&P rating reflects the agency’s notion that Jamaica’s economy will continue to recover, with expected Gross Domestic Product (GDP) growth of four per cent in 2022, the Ministry of Finance and Public Service shared in a press release.
It is also expected that the government will remain committed to sustainable public finances, including the achievement of the current year’s budgeted fiscal targets.
The outlook is grounded in the expectation that Jamaica will remain committed to macroeconomic and fiscal discipline with a continued downward trajectory of the debt burden.
S&P noted that the country continues to face downside risks from slowing global growth, lower-than-expected domestic growth, a potential recession in the US, and the impact of global inflation.
In commenting on the rating action Dr Nigel Clarke, Minister of Finance and the Public Service said, “This affirmation by S&P, which comes at a time of great uncertainty in the world economy, is yet another sign that Jamaica’s strategy of reducing vulnerability and strengthening resilience is paying off.”