Fitch Ratings has affirmed Jamaica’s long term foreign currency issuer default rating at BB-.

It added that the rating outlook is positive.

In a statement yesterday, Fitch said the ratings reflect stronger governance than the peer median, significant progress with debt reduction, a sound fiscal framework and a strong political commitment to deliver large primary surpluses.

It said debt-to-GDP has fallen to a forecast 70 point 8 percent in fiscal year 2024/2025,  from a high of 135 point 3 percent of g-d-p in fiscal year 2012/2013.

Fitch noted that the ratings remain constrained by deep structural weaknesses, including subdued growth potential owing to a high crime rate, low productivity and weak demographics, as well as vulnerability to external shocks including weather-related.

It said the positive outlook reflects an expectation of continued improvement in debt metrics and further strengthening of the policy framework over the next few years, including climate risk mitigants.

Meantime, Prime Minister Andrew Holness has welcomed the latest Fitch ratings, which has affirmed Jamaica’s long-term foreign-currency issuer default rating at BB- , with the outlook remaining positive.

He commented on the ratings while addressing a Jamaican diaspora town hall in Barbados, last evening, following his participation in the Caribbean Community (Caricom) heads of government meeting.

Holness said the government intends to continue being fiscally disciplined, and practicing good fiscal management, while positioning Jamaica for growth.

He noted that economic growth is fuelled by continued investments in some key areas.