NEW YORK, CMC – Fitch Ratings has upgraded Jamaica’s economic outlook from negative to stable and also affirmed the island’s long-term foreign and local currency Issuer Default Ratings (IDRs).
“Jamaica's ratings balance the sovereign's structural strengths, such as relatively high income per capita and social indicators, policy consensus and relatively strong institutional capacity against continued growth underperformance, high vulnerability to external and confidence shocks, weak public finances and fiscal solvency indicators.
“Jamaica's ratings incorporate the sovereign's vulnerability to external and cyclical downturns, as well as financing risks,” it added.
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