Standard & Poor’s Maintains Jordan’s Credit Rating

General view of Amman, Jordan - File/Reuters
General view of Amman, Jordan - File/Reuters
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Standard & Poor’s Maintains Jordan’s Credit Rating

General view of Amman, Jordan - File/Reuters
General view of Amman, Jordan - File/Reuters

Jordan's Finance Minister Mohamad Al Ississ told Reuters on Tuesday that S&P Global's decision to maintain the kingdom's sovereign credit rating at B+/B reflected confidence in accelerating IMF-backed reforms.

"This is the latest confirmation of Jordan's credit rating ... a collective validation across rating agencies in recent months in their confidence in Jordan's monetary and fiscal policy," Al Ississ said.

Ratings agency S&P noted in a report released late on Monday that Jordan was moving ahead with reforms aimed at enhancing investment, widening the tax base and targeting corruption, forecasting that fiscal imbalances will moderate in the coming years.

Several ratings agencies have in recent months either upgraded or affirmed the country's credit ratings, including Moody's which last November upgraded the kingdom's rating outlook to positive from stable.

Jordan’s commitment to IMF reforms and investor confidence in the outlook helped it to maintain stable sovereign ratings at a time when other emerging markets were being downgraded, Al Ississ said.

The IMF said at the end of last year that progress with structural reforms had cushioned the economy and strengthened macro-economic stability, boosting Jordan's growth in 2022 despite global economic turbulence.

Jordan's central bank governor Adel al Sharkas said the rating outlook reflected the "soundness of Jordan's macroeconomic fundamentals" at a time of global economic crisis.

"In light of the unfavorable environment, the move to categorize Jordan as a stable economy makes it an attractive destination for safe, long-term investments," he added.



Boeing Shares Drop after Air India Crash

A tail of an Air India Boeing 787 Dreamliner plane that crashed is seen stuck on a building after the incident in Ahmedabad, India, June 12, 2025. REUTERS/Amit Dave
A tail of an Air India Boeing 787 Dreamliner plane that crashed is seen stuck on a building after the incident in Ahmedabad, India, June 12, 2025. REUTERS/Amit Dave
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Boeing Shares Drop after Air India Crash

A tail of an Air India Boeing 787 Dreamliner plane that crashed is seen stuck on a building after the incident in Ahmedabad, India, June 12, 2025. REUTERS/Amit Dave
A tail of an Air India Boeing 787 Dreamliner plane that crashed is seen stuck on a building after the incident in Ahmedabad, India, June 12, 2025. REUTERS/Amit Dave

The crash of an Air India 787-8 Dreamliner jet minutes after taking off on Thursday poses another challenge for Boeing, whose new CEO has been trying to rebuild trust following a series of safety and production challenges.

It was not clear what caused the crash, as air disasters can occur for a number of different reasons. The London-bound plane crashed in India's western city of Ahmedabad, authorities said, in the world's worst aviation disaster in a decade.

The disaster, in which most of the 242 people on board were killed, muddies the efforts of CEO Kelly Ortberg to move past its recent issues after the planemaker hit production targets in May and received a vote of confidence from airline bosses in recent months. Shares were down about 4.9% on Thursday. Boeing said it was aware of the initial reports and was working to gather more information.

Before the crash, airline executives had been voicing greater confidence in Boeing's rebound in deliveries and in Ortberg's leadership after years of reputational damage for the planemaker.

At a recent summit in New Delhi, executives were more optimistic over Boeing's crises around safety and regulation. The widebody 787 planes, one of the most modern passenger aircraft in service, have never had a fatal crash until the Air India incident. They were grounded in 2013 due to battery issues, but no one was reported injured.

"It's a knee-jerk reaction (to the incident) and there's revised fears of the problems that plagued Boeing aircraft and Boeing itself in recent years," said Chris Beauchamp, analyst at IG Group.

Boeing's narrowbody 737 MAX jets were grounded for years following two fatal crashes and have faced years of scrutiny and production delays. Last year, the US planemaker came under renewed scrutiny after a door plug blew off a 737 MAX 9 mid-flight, prompting a temporary FAA grounding and fresh concerns over quality control.

Shares of Spirit AeroSystems, a key supplier, and GE Aerospace, which makes engines for the jet, also fell about 2% each. GE Aerospace said it has activated its emergency response team and would support the investigation, but did not specify if the Air India aircraft was equipped with its engines.

The engine maker did not immediately respond to a Reuters request for comment.

Boeing's outstanding debt also sold off modestly after the crash. Its bonds maturing in May 2029 were trading at 88 basis points over Treasuries, or 10 basis points wider than on Wednesday, according to a bond broker.