Fitch ratings agency, yesterday upgraded Jamaica’s long-term foreign-currency issuer default rating to ‘BB-’, with the outlook remaining “positive”.

According to the Ministry of Finance, the rating upgrade results from the Government’s continued commitment to having a stable economic policy framework.

It said this policy framework is underpinned by the Bank of Jamaica’s inflation targeting monetary policy, as well as sound fiscal management, anchored on debt reduction targets.

The Ministry said the ratings agency, through its press release, highlighted the Government’s commitment to delivering large primary surpluses, which supported a significant reduction in Jamaica’s debt burden.

Commenting on the rating, Finance Minister Dr Nigel Clarke said the positive outlook reflects the expectation of continued improvement in debt metrics, and further deepening of the policy framework over the medium term.

He said the improvements must now be leveraged to benefit all Jamaicans

Fitch’s rating action is the third upgrade for Jamaica for the fiscal year 2023/ 2024, following positive actions by Standard and Poor’s global ratings last September and Moody’s ratings last October.