The Ministry of Finance says the decision of international ratings agency Moody’s to affirm Jamaica’s credit rating, and maintain the country’s outlook as stable, reflects expectations that the deterioration in the country’s debt metrics, caused by the effects of the pandemic, are temporary given Jamaica’s strong commitment to fiscal consolidation. In a release on Tuesday, Moody’s said the country’s long-term issuer and senior unsecured ratings remain at B2. Finance Minister Dr. Nigel Clarke said this is a demonstration of confidence in Jamaica’s fiscal programme, economic recovery and belief in the resilience of the economy. Moody’s indicated that the easing of containment measures and normalization of economic activity will support Government revenue returning to pre-pandemic levels by fiscal year 2022/23.
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