Jordan ’s Ratings Upgraded; Outlook Revised to Stable Rating Action
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Summary
Ref: JO 2 4 CRA00- 0 1 31 May 2024
Jordan ’s Ratings Upgraded; Outlook Revised to Stable Rating Action
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has upgraded Jordan’s Long-Term Foreign Currency Rating (LT FCR) and L T Local Currency Rating (LT LCR) to ‘ BB- ’ , from ‘ B+ ’ . At the same time, CI Ratings has affirmed the sovereign’s Short-Term (ST) FCR and ST LCR at ‘B’. The Outlook on the ratings has been revised to Stable from Positive .
Rating Drivers
The upgrade of the ratings reflects the demonstrated resilience of the Jordanian economy and its gradually improving capacity to withstand external adversities despite the challenging geopolitical landscape . The se developments are underpinned by the government’s prudent macroeconomic policies , including ongoing fiscal consolidation efforts aimed at reining in the budget deficit and lowering public debt over the medium term. In addition,…