The in­ter­na­tion­al rat­ings agency, Moody’s, has up­grad­ed Ja­maica’s long-term is­suer and se­nior un­se­cured rat­ings to Ba3 from B1, chang­ing the out­look to sta­ble from pos­i­tive.

The up­grade re­flects a decade of strength­ened in­sti­tu­tion­al and pol­i­cy frame­works that have an­chored fis­cal dis­ci­pline and en­hanced mon­e­tary cred­i­bil­i­ty.

Ja­maica has re­duced gov­ern­ment debt by near­ly 40 per­cent­age points of GDP since 2020, out­per­form­ing peers de­spite the tem­po­rary fis­cal set­back from Hur­ri­cane Melis­sa.