News

Jordan maintains ‘stable’ credit rating

Credit rating agency Fitch has affirmed the BB- sovereign rating of Jordan and issued a ‘stable’ outlook for the Middle East country. This affirmation has been welcomed by Jordan’s government as an endorsement of its economic and fiscal reforms as well as the resilience of its banking sector. “Jordan has a record of maintaining economic and political stability despite significant external shocks including social instability in the region (Arab Spring) and wars in neighbouring countries (Iraq and Syria), but these shocks have led to lower growth and significant government debt build-up,” stated Fitch. The ratings agency also acknowledged the successful completion of the seventh review of the extended fund facility agreed with the International Monetary Fund. However, Fitch also stated that Jordan’s sovereign rating reflects a “heightened vulnerability to default risk” amid adverse business or economic changes. ©2023 funds global mena

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