Fitch Ratings Agency, on February 21, 2025, affirmed the Government of Jamaica’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB-’, with the outlook remaining “Positive”.

According to Fitch’s press release, the rating affirmation is underpinned by the Government’s “strong governance, significant progress with debt reduction, sound fiscal framework and strong commitment to deliver large primary surpluses.” The Agency noted that while weather-related events impacted the economy, Jamaica is expected to realize a projected primary surplus of 5.0 percent for FY2024/25, due in part to the proactive disaster risk financing policy, which facilitated a one-off payment from the Caribbean Catastrophe Risk Insurance Facility (CCRIF).

Fitch anticipates that debt-to-GDP will remain on a downward trajectory, in line to meet the target of 60.0 percent or less by FY2027/28. There have also been noted improvements in Jamaica’s external position, with official international reserves increasing by approximately US$900.0 million to US$5.6 billion at the end of 2024.

In commenting on the rating action, Minister of Finance and the Public Service, the Honourable Fayval Williams, said, “I am more than pleased to know that international rating agency, Fitch, has affirmed Jamaica’s rating at BB- with a continued positive outlook.  Despite all the negative weather-related shocks to the economy, Fitch recognizes that the government remains steadfast in its commitment to meet the 60% debt/GDP target which is the primary anchor for the fiscal policy being pursued by the Government. The Rating and Positive Outlook affirmations are significant for Jamaica.”