CariCRIS: Stable Outlook for Development Bank of Jamaica

The Caribbean Information and Credit Rating Services Limited, CariCRIS, has reaffirmed the credit ratings of the Development Bank of Jamaica Limited, DBJ, with a stable outlook.

On the regional scale, DBJ received strong ratings for local currency and foreign currency, indicating good creditworthiness compared to other Caribbean countries.

CariCRIS says these ratings are strengthened by the high likelihood of support from the Jamaican government, the DBJ’s sole shareholder.

CariCRIS says the stable outlook is based on the expectation that the Bank will continue to display good profitability and capitalisation levels.

It says this is expected to be supported by continued growth in the loan portfolio, the roll-out of strategic digitisation initiatives and new products and services, despite the lingering global uncertainties and elevated inflation.

CariCRIS also expects the Bank to maintain its key role in sustainable economic growth for the country.

DBJ’s Acting Managing Director, David Wan, expressed satisfaction with the rating, noting that this affirmation by CariCRIS is a testament to its dedicated efforts in promoting economic resilience and growth.