S&P has upgraded Jamaica’s long-term foreign and local currency sovereign credit ratings to BB- from B+, maintaining a stable outlook. The agency anticipates that Jamaica will sustain prudent fiscal policies, forecasting a modest fiscal surplus for the current year. The country’s net debt-to-GDP ratio has reached an all-time low of 64% and is likely to decline below 60% by 2024. Significant contributions from remittances and a robust tourism sector are forecast to further bolster external balances, aligning the current account deficit with historical trends at 0.6% of GDP for 2023.