The Research paper notes the following:
“On Sept. 25, 2018, S&P Global Ratings revised its outlook on Jamaica to positive from stable. At the same time, S&P Global Ratings affirmed its ‘B’ long- and short-term foreign and local currency sovereign credit ratings, and its ‘B+’ transfer and convertibility assessment on the country.
• After many years of economic, fiscal, and monetary reforms, Jamaica has made material progress in achieving macroeconomic stability and improvement in its external debt burden.
• Accordingly, we are revising our outlook on Jamaica to positive from stable, and affirming our ‘B’ long- and short-term sovereign credit ratings on the country.
• The positive outlook reflects the at least one-in-three likelihood of an upgrade if, in the next 12 months, Jamaica further strengthens its external liquidity position, while maintaining tight fiscal policy, high primary surpluses, and modestly positive real GDP growth.
The combination of modest GDP growth and better external liquidity, as reflected in an improvement in gross external financing needs to less than 100% of current account receipts (CAR) plus usable reserves could boost the sovereign’s credit rating. We expect that the government will continue to meet strict fiscal targets, and maintain its commitment to a gradual reduction in its debt and interest burdens. We also expect that the government will continue advancing toward a more effective monetary policy framework for the central bank, including a more flexible exchange rate.”
For a break down on the credit rating, view the document at the source below.