S&P maintains Jordan’s credit rating at B+, cites ‘stable future’ outlook

AMMAN — International credit rating agency Standard and Poor’s (S&P) on Saturday issued its new credit assessment for Jordan for 2019, in which it maintained the Kingdom’s rating at B+ and preserved a stable future outlook.

Finance Minister Ezzeddine Kanakrieh said that the report relied on several factors, the most important of which were the government’s ability to continue boosting financial conditions after adopting a package of financial reforms and an expected decline in the debt-to-GDP ratio by the end of 2022. 

Kanakrieh added that the report also took into consideration the Royal efforts in developing the Kingdom’s international relations and attracting investments, as the government managed to contain financial deficits and preserve the stability of the debt-to-GDP ratio despite low economic growth rates, the Jordan News Agency, Petra, reported.  

The minister said that the report is a “strong message that the national economy is on the right path”.

S&P expected the economic performance in the Kingdom to improve as a result of increasing investments that are supported by donors and higher levels of exports. 

The report also pointed out that the government had adopted an economic plan to increase competitiveness and increase jobs. 

“The agency’s confirmation of a stable future outlook was based on expectations for donors to continue meeting financial needs and lowering loan costs, despite anticipations for more expenditure to accommodate social demands,” the report said. 

Jordan is among the most stable countries in the region at the political and economic levels, as a result of the King’s efforts in improving the Kingdom’s foreign relations and attracting investments, assistance and grants, S&P added.