Moody's upgrades Jamaica

Moody's Investors Service said it upgraded Jamaica’s government bond rating to Caa2 from Caa3, long-term foreign-currency bond ceiling to B2 from B3 and long-term local-currency bond ceiling to B1. The outlook remains positive.

As a result of the upgrade, the ratings of government-related entities Air Jamaica Ltd. and the National Road Operating and Constructing Co. Ltd. were upgraded to Caa2 from Caa3.

The agency said the decision to upgrade Jamaica's rating was driven by its fiscal consolidation, strong commitment to structural reforms, improving balance of payments position and reduced external vulnerabilities.

The positive outlook reflects Moody’s expectation that Jamaica will sustain the reform momentum under the IMF-supported program.

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