Jamaica’s credit ratings hold despite Melissa

JAMAICA’S credit ratings have remained stable despite the economic damage caused by Hurricane Melissa last October, a development that could help the Government maintain access to financing as it rebuilds the country.

Finance Minister Fayval Williams announced at a recent post-Cabinet briefing that S&P Global currently rates Jamaica BB, Fitch BB- and Moody’s Ba3. While the ratings differ slightly, all three agencies have maintained stable outlooks for Jamaica. For the average Jamaican, the significance of those ratings comes down to the cost of borrowing and investor confidence in Jamaica. The country’s credit standing helps shape how international investors assess the risk of lending to Jamaica, which can affect the interest rate the Government has to pay when it borrows.

Financial adviser Stacy Jarrett of Marathon Insurance compared this system to an individual’s credit score.