Jordan's credit rating maintained at 'BB-', Stable Outlook — Fitch Ratings

AMMAN — Fitch Ratings on Saturday confirmed that Jordan has maintained its Long-Term Foreign-Currency Issuer Default Rating (IDR) at "BB-" with a stable outlook.

This ranking came after an official Fitch's delegation visited the Kingdom last April, during which Fitch representatives met with Minister of Finance Mohamad Al-Ississ and Governor of the Central Bank of Jordan (CBJ), Adel Sharkas.

Fitch pointed to Jordan's success in maintaining macroeconomic stability and progress in fiscal and economic reforms, and resilient financing linked to the liquid banking sector, public pension fund and international support, according to Fitch’s website.

The maintained rating can be attributed to the Kingdom's efficiency in managing the general government deficit, which measured 2.7 per cent in 2022, down from Fitch’s 3.7 per cent forecast from the organisation’s latest report.

Jordan also beat expectations in GDP growth, achieving 2.5 per cent growth in 2022, following the aftermath of "a series of regional and global shocks over the past decade".

According to Fitch, Jordan's economy was "cushioned from the impact of the war in Ukraine" due to its "strategic" fiscal planning.

Jordan's stable IMF programme is also cited as a "key" indicator in the Kingdom maintaining its rating.