Fitch Ratings has affirmed Jamaica's Long-Term Foreign and Local Currency Issuer Default Rating at 'BB-', and maintained a 'Stable' outlook.
In statement issued on February 5, the rating agency cited the government's continued commitment to macroeconomic stability, even as it manages the fallout from Hurricane Melissa, which caused an estimated US$8.8 billion in physical damage, equivalent to 40 per cent of GDP.
Fitch projects temporary economic contraction in 2025 of 1.5 per cent and 2.6 per cent in 2026 as reconstruction advances.
Still, it highlighted Jamaica's strong financial preparedness, including multilateral loan support, insurance coverage and contingency funds. It also noted the government's fiscal response, including the temporary suspension of the Fiscal Responsibility Law to facilitate reconstruction.
Finance Minister Fayval Williams welcomed the affirmation, saying it reflects Jamaica's long-standing commitment to fiscal discipline and debt reduction, despite recent challenges.
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