Caribbean Information and Credit Rating Services Limited (CariCRIS) has reaffirmed its strong credit ratings of the Development Bank of Jamaica (DBJ).

In its review of the creditworthiness of the DBJ, CariCRIS has maintained ratings of CariA (Local Currency Rating) and CariA- (Foreign Currency Rating) on the regional scale, and jmAA (Local Currency Rating) and jmAA- (Foreign Currency Rating) on the Jamaica national scale.

As such, DBJ has the highest ratings for development banks across the English-speaking Caribbean, underscoring a good level of creditworthiness relative to other issuers in the region and a high level of creditworthiness relative to other issuers in Jamaica.

The regional credit ratings agency pointed out several factors underpinning the reaffirmed ratings, including DBJ’s continued strategic importance to the Government of Jamaica, particularly in facilitating the divestment of state assets and the allocation of capital to strategic investments. Moreover, it cited the bank’s sound risk management framework, strong capital base, healthy capital adequacy ratio, and robust liquidity metrics.

CariCRIS also said that DBJ’s solid financial performance, bolstered by increased profit contributions from associated companies and consistently low levels of non-performing loans, contributed to the positive rating outcome. However, the ratings also reflect Jamaica’s sovereign risk and ongoing global economic uncertainties.

Meanwhile, CariCRIS has assigned a stable outlook to DBJ, taking into account the bank’s strong profitability, solid capitalisation over the next 12 – 15 months, as well as plans to implement a new four-year strategic plan for the period FY2026–FY2029. This strategic road map will introduce new products and services aimed at boosting profitability and improving operational efficiency, while reinforcing DBJ’s pivotal role in driving Jamaica’s economic growth and development.

Dr David Lowe, managing director of the Development Bank of Jamaica, shared that the reaffirmed ratings highlight the bank’s achievement in contributing to Jamaica’s economic growth.

“This reaffirmation by CariCRIS is not only a vote of confidence in the Development Bank of Jamaica’s financial strength and governance, but also a recognition of our pivotal role in Jamaica’s economic transformation,” he said.

“It enhances our ability to attract capital, deepen partnerships and execute our mandate to build a more resilient and inclusive economy. As we embark on our new strategic plan, this rating strengthens our resolve to unlock even greater opportunities for businesses, investors, and the people of Jamaica.”

By securing a strong credit profile, DBJ improves its chances of accessing capital markets and unlocking resources that can be channelled toward its developmental mandate. Also, the bank strengthens its capacity to mobilise private capital through syndications, co-financing, and public-private partnerships, while deepening stakeholder confidence among private sector partners, government entities, and multilateral institutions.

The ratings furthermore reflect DBJ’s institutional discipline, operational transparency, and governance standards, which are critical to sustaining long-term financial resilience.

As DBJ continues to evolve and expand its product offerings, the bank is committed to facilitating sustainable economic growth and supporting Jamaica’s national development priorities. This strong rating affirmation positions DBJ to play an even greater role in accelerating Jamaica’s economic transformation, fostering private sector-led growth and creating opportunities for all Jamaicans.