Moody’s Credit Rating Still Below Where JLP Left It In December 2011- Williams

Release Date: 
Monday, June 1, 2015 - 14:30

Jamaica Labor Party Deputy Spokesperson on Finance, Fayval Williams, said that news that Moody’s Investors Services upgraded Jamaica’s international credit rating from Caa3 to Caa2 should cause Jamaicans to reflect on how low Jamaica’s credit ratings at Moody’s plunged under the current PNP Government. "Of note, Jamaica’s international credit rating at Moody’s stood at B3 when the Jamaica Labor Party left government in December 2011, a significantly better rating than Jamaica has currently. At that time as well, Moody’s also had a Stable Outlook on the Jamaican economy".

She added that the Jamaica Labor Party believes the prolonged mismanagement and miss-steps on the part of the PNP government on taking office in December 2011 resulted in Jamaica’s international credit rating at Moody’s plunging to Caa3 in March 2013, where it remained until this recent change to Caa2: "We are urging the government to stop dilly-dallying with Jamaica’s economic growth plans as only strong economic growth can meaningfully move the country’s credit ratings up, take Jamaicans as a whole from poverty to prosperity, reduce the debt-to-GDP and provide opportunities to allow the public sector workers to earn a decent wage increase. The recently anemic 0.3% GDP growth for 2014 shows the scarcity of growth initiatives and policies. This should be particularly embarrassing for a PNP government that has held the reigns for approximately twenty-one and a half years of the last twenty-five and a half years".

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