‘Credit ratings are our oil! They are our gold’— Fayval Williams
Ainsworth Morris / Our Today
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Minister of Finance and the Public Service Fayval Williams believes Jamaica’s good credit ratings have propelled the nation into good standings globally, while noting that “Credit ratings are our oil! They are our gold!”
“Our current ratings stand at Moody’s (Ba3) with a stable outlook, S&P or Standards and Poors at BB, also with a stable outlook and Fitch at BB- equally with a Stable Outlook. Madam Speaker, you will note that all the dates for the ratings are all after the Category 5 Hurricane Melissa,” said Williams while opening the 2026/27 Budget Debate in the House of Representatives on Tuesday, March 10.
“This is unprecedented in Jamaica’s history, and the people of Jamaica are to be commended for the sacrifices they have made to have our international credit ratings so aligned. Confidence of our rating agencies and our international partners in Jamaica’s creditworthiness is not just for investors overseas; it is for us here. It means we have greater certainty about our economic affairs. Not every country in the world has the kind of certainty that we enjoy in Jamaica,” Williams added.
“We can wake up and know that if we have money in the bank, we can put our ATM cards and pull out what we need without asking anybody anything. We know we have the freedom of travel. We don’t have to line up if we need some foreign exchange to buy a personal item on a platform halfway around the world, and we have certainty that our children can go to school. Life could be very miserable if Jamaica loses the faith and confidence that the global financial market has in us. We have to guard these ratings and strive to make them better. These credit ratings are our oil! They are our gold!” she exclaimed.
She noted that having had buffers against natural disasters “is an important underpinning when international rating agencies assess Jamaica’s creditworthiness”.
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