Jamaican News & Announcements

Jamaica Ranks Fifth on List of 7 Nations Near Bankruptcy

Moody’s Investors’ Servicers has issued a list of countries that are either very close to bankruptcy or that have narrowly missed that circumstance. While Jamaica is on the list, it is the only nation given a “positive” outlook from Moody’s. Jamaica has a credit rating of Caa2, which is among the worst, but it represents a move up from its May 2015 rating of Caa3. The rating changed due to a recent simplification of tax return filings in Jamaica, as well as the implementation of tax incentives and a minimum business tax. Moody’s noted that the country’s improved business environment is supportive of private investments and confidence in its economy. Jamaica’s high debt burden and high interest rates contributed to its weak credit rating. Moody’s list ranks the following nations from worst to best: Ukraine, Greece, Venezuela, Belize, Jamaica, Argentina, and Belarus.

About the author

Stephanie Korney