Standard & Poor’s (S&P) Global Ratings has upgraded Jamaica’s long-term foreign and local currency sovereign credit ratings from ‘BB-’ to ‘BB’, while maintaining a Positive outlook, the agency announced on September 25, 2025.
The upgrade reflects S&P’s assessment of Jamaica’s strengthening institutional and policy frameworks, underpinned by broad political and economic consensus on macroeconomic policies aimed at reducing public debt. The agency highlighted Jamaica’s adherence to its legislated debt-to-GDP target of 60 percent or less by March 2028, noting a strong track record of sustained primary surpluses that have steadily lowered the country’s debt burden.
According to S&P, Jamaica is the only country among 141 rated sovereigns to achieve a primary surplus above 3 percent of GDP for 10 consecutive years, despite major shocks such as the COVID-19 pandemic and climate-related events. The Positive outlook reflects the expectation that continued surpluses could allow the government to meet its debt target earlier than planned, further reducing the debt load.
Finance Minister Fayval Williams welcomed the upgrade, calling it “a very positive development for Jamaica” that moves the country closer to achieving an investment-grade rating. “This rating action acknowledges the government’s unwavering commitment to fiscal discipline, while also focusing on making investments that will lead to higher GDP growth and thus provide a sustainable and improved quality of life for Jamaicans,” Williams said.
S&P’s decision reinforces investor confidence in Jamaica’s economic management and signals continued progress toward long-term financial stability.
 Global Ratings has upgraded Jamaica’s foreign and local currency sovereign credit ratings from ‘BB-’ to ‘BB'.){kind=link}