Jordan Daily – Standard & Poor’s upgraded Jordan’s long-term sovereign credit rating in both local and foreign currencies from B+ to BB-, with a stable outlook. This upgrade by Standard & Poor’s, the first in 21 years, comes despite global and regional shocks.
According to the agency’s report, the upgrade reflects Jordan’s sustained fiscal management despite challenges such as the Gaza conflict, achieving its goals last year by reducing the primary deficit as a percentage of gross domestic product. This achievement was cited as a pivotal factor in the rating upgrade.
The agency noted that the rating boost also stems from government reforms since 2019, including structural reforms that expanded the tax base and improved the business environment. These measures are seen to enhance economic growth prospects and place public debt on a downward trajectory in the coming years, supported by strong international backing.
The upgrade further acknowledges Jordan’s economic resilience amid successive crises, starting from the COVID-19 pandemic through to the Russia-Ukraine conflict and culminating in the Gaza war.