Moody’s Investor Services has upgraded Jamaica's Sovereign Rating by revising the outlook from positive to stable.
Jamaica’s sovereign senior unsecured rating and provisional shelf ratings have been adjusted from Caa2 to B3.
A statement from the Finance Ministry says Moody's ratings are linked to significant and sustained fiscal consolidation as well as a strong commitment to continued reforms to reduce the government’s high debt burden.
The improvement in the current account and reduced external vulnerability was cited as another factor.
Moody’s stated that the reduction in oil prices has also facilitated a reduction in inflation to historically low levels.
Meanwhile, oil prices rose to their highest level since October as the market priced in a potential output cut led by producer cartel OPEC, although analysts warned that a failure to agree a cut could lead to a ballooning supply overhang by early 2017.
International Brent crude oil futures rose as high as $49.43 cents per barrel.
U.S. West Texas Intermediate crude futures were up 44 cents at $48.68 cents a barrel.
The Organization of the Petroleum Exporting Countries (OPEC) is trying by November 30 to bring its 14 member states and non-OPEC producer Russia to agree on a coordinated production cut to prop up the market by bringing production into line with consumption.
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