JCC commends Gov't for Moody's rating upgrade
Published:Thursday | October 19, 2023 | 3:50 PM
The Jamaica Chamber of Commerce (JCC) has commended the Government for the recent upgrade of the country's long-term issuer and senior unsecured ratings to 'B1' by Moody's Investors Service.
"This rating upgrade, coupled with the change in outlook from stable to positive, is a testament to the Government's resolute commitment to fiscal responsibility, sound economic management, and growth-oriented policies," the JCC said in a media release on Thursday.
The Chamber commended the Government for its efforts in pursuing fiscal consolidation and reducing debt levels, saying the downward trajectory of government debt is a promising sign for Jamaica's financial stability.
It added that as the Government works toward its goal of reducing debt to 60 per cent of gross domestic product (GDP) by 2027, "we hope that this will provide more room for investments in crime prevention, social programs and infrastructure, further driving Jamaica's growth prospects."
The JCC also noted that the reduction in debt and interest burdens, alongside improved governance and institutions, places Jamaica on a path to align its credit profile with those of higher-rated peers.
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