Global ratings agency Moody’s has upgraded its credit rating for Jamaica from B2 to B1.
Finance Minister Dr. Nigel Clarke says this is the best outlook the country has received from the agency in “over 15 years”.
“Moody’s looked at how Jamaica has dealt with the multiple shocks that we’ve experienced over the past several years – the COVID-19 pandemic, an unprecedented economic shock, the global inflation crisis another shock, as well as shocks as far as shipping prices and so forth are concerned. And Jamaica has been able to manage these economic shocks and has come out better and stronger on the other end of it,” he opined.
This comes weeks after global analytics agency Standard and Poor’s also upgraded Jamaica’s credit rating.
On their scale, the country moved up from B+ to BB-.
Dr. Clarke said this puts Jamaica in a position to access cheaper credit.
“All governments, including Jamaica, require credit to operate…because you have to be able to smooth out the seasonality in tax revenues as they come in and you have to plan for the future. So all governments depend on loan financing and on credit. And the better your credit rating, the lower your cost of financing. If our cost of financing is lower, it means that we’ll have more fiscal space to afford other things. Higher credit rating also signals to international investors that Jamaica is a good place to invest,” he asserted.
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Edited by Jesus Chan
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