S&P Global Ratings has elevated Jamaica’s sovereign credit rating from ‘BB-’ to ‘BB’, marking a significant milestone in the nation’s financial recovery. This upgrade, announced on Thursday, underscores Jamaica’s decade-long commitment to fiscal discipline, which has drastically reduced its debt-to-GDP ratio from nearly 145% in 2013 to approximately 62% today. Despite this achievement, the agency’s analysis highlights the pressing challenge of stimulating economic growth in the aftermath of the debt crisis. The ‘BB’ rating, while still within the speculative-grade tier, represents a notable improvement in creditworthiness, signaling reduced default risk. S&P also affirmed Jamaica’s ‘B’ short-term rating and assigned a positive outlook, suggesting the potential for another upgrade within 18 months if fiscal progress continues. The report praised Jamaica’s unique fiscal achievements, including maintaining an annual primary fiscal surplus above 3% of GDP for ten consecutive years—a feat unmatched by any of the 141 sovereigns rated by S&P. However, the agency cautioned that Jamaica’s growth prospects remain constrained by high security costs, low productivity, and vulnerability to external shocks. Policymakers now face the dual challenge of sustaining fiscal credibility while fostering economic expansion. The upgrade reflects Jamaica’s institutional resilience, bolstered by initiatives like its proactive disaster risk framework and strengthened financial institutions. Yet, the path forward hinges on translating fiscal stability into sustainable growth, a task that will define Jamaica’s next chapter.