Ratings agency Standard and Poor’s yesterday upgraded Jamaica’s long term foreign and local currency issuer default rating from ‘B+’ to BB- with a stable outlook.

The S&P rating reflects the agency’s projections that Jamaica’s debt-to-GDP will continue to decline, led by modest fiscal surpluses, over the medium-term.

While the government’s interest burden remains high, S&P expects that it will fall to 17.5% of total revenues within the next fiscal year and to less than 15% by 2026.

S&P also foresees continued economic growth, which is expected to support external balances over the next four years.

Commenting on the rating, Finance Minister Dr. Nigel Clarke, noted that it is the best credit rating that Jamaica has received from S&P.

He said the upgraded rating, is a demonstration that Jamaica’s collective efforts will bear fruit, if efforts are maintained.