Improved Moody's rating will help Jamaica - Phillips

Finance Minister Dr Peter Phillips is predicting that the improved credit rating issued on Thursday by international rating agency, Moody's, will help Jamaica in its economic recovery.
    
Moody's, has upgraded Jamaica's government bond rating and government-related entities to Caa2 from Caa3, and in doing so, explained that the move was influenced by the government’s commitment to its fiscal reform programme, aimed at reducing the country's massive debt. 
   
It also gave the country a positive outlook, which means there could be further rating upgrades if the current trajectory is maintained.
    
Dr Phillips said the upgrade will have a positive outcome for Jamaica on the international capital market, particularly in respect of interest rate.

Moody’s in its notes accompanying the rate upgrade, said Jamaica's economy should grow more robustly in the next two to three years.