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Jamaica’s government debt is below pre-pandemic levels and will likely continue to decline over the next several years, rating analysts have determined.

Moody's Investors Service said the debt reduction along with progress on structural reforms, had increased the economy's overall shock-absorption capacity. The strong financial news led to a country rating upgrade from Moody's on long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P) B1 from (P) B2.

The outlook for Jamaica has been changed to positive from stable. The improved rating reflects Moody's assessment that a continuation of the favourable fiscal trajectory will increase Jamaica's credit resilience.

Moody’s commented: “Given the improvements in institutions and governance strength, additional declines in Jamaica's debt and interest burdens would support a higher rating.