Finance Minister Fayval Williams has welcomed the ratings upgrade by Standard and Poor’s, from ‘BB-‘ to BB,’.

In a social media post Thursday evening, Mrs. Williams noted that the upgrade is a huge win for Jamaica.

She said it acknowledges the government’s unwavering commitment to fiscal discipline, while focus is placed on making investments that will lead to higher gross domestic product GDP growth.

The Minister said Jamaica is one step closer to the future envisioned.

A statement from the Finance Ministry, noted the upgrade of Jamaica’s long term foreign and local currency sovereign credit ratings from ‘BB-‘ to BB,’ while the outlook remains “positive”.

The rating reflects S&P’s assessment of Jamaica’s strengthening institutional and policy frame works, supported by consensus across both political parties and various economic sectors on macro-economic policies focused on debt reduction.

It is the agency’s expectation that the government will remain committed to the legislated debt to GDP target of 60% or less by March 2028, following a track record of sustained primary surpluses, that has supported the steady reduction in debt.

S&P further noted that Jamaica stands out as the only country among a hundred and 41 rated sovereigns to achieve an annual primary surplus above 3% of GDP for 10 consecutive years, despite experiencing major shocks, such as the Covid pandemic and climate related events.

The positive outlook stems from S&P’s expectation that continued primary surpluses will allow the government to meet the debt target in the fiscal responsibility law earlier than planned, with expected continued declines in the government’s debt burden.

Mrs. Williams said the upgrade is a very positive development for Jamaica and puts the country closer to hurdling the bar to an investment grade rating. 

She said this rating action acknowledges the government’s unwavering commitment to fiscal discipline while also focusing on making investments that will lead to higher GDP growth and thus provide a sustainable and improved quality of life for Jamaicans.

The minister said the continued positive outlook is a strong signal from S&P about Jamaica’s prospects.