National Commercial Bank Jamaica Downgraded To 'CCC+/C' On Completion Of Sovereign Debt Exchange, Still On Watch Neg - S&P Global Ratings’ Credit Research

National Commercial Bank Jamaica Downgraded To 'CCC+/C' On Completion Of Sovereign Debt Exchange, Still On Watch Neg

National Commercial Bank Jamaica Downgraded To 'CCC+/C' On Completion Of Sovereign Debt Exchange, Still On Watch Neg - S&P Global Ratings’ Credit Research
National Commercial Bank Jamaica Downgraded To 'CCC+/C' On Completion Of Sovereign Debt Exchange, Still On Watch Neg
Published Mar 08, 2013
1055 words — Published Mar 08, 2013
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About This Report

  
Abstract:

We have recently raised the foreign and local currency sovereign credit ratings on Jamaica to 'CCC+/C' from 'SD' following the completion of its domestic debt-exchange program. We are lowering our ratings on National Commercial Bank Jamaica to 'CCC+/C' from 'B-/B'. The negative CreditWatch listing reflects our view that the rating could be further lowered if we see deterioration of the bank's credit fundamentals. SAO PAULO (Standard&Poor's) March 8, 2013--Standard&Poor's Ratings Services lowered its issuer credit ratings on National Commercial Bank Jamaica Ltd. (NCBJ) to 'CCC+/C' 'B-/B'. The downgrade follows the completion of the sovereign domestic debt exchange program and the resulting upgrade of Jamaica to 'CCC+/C' from 'SD'. The ratings on the bank remain on CreditWatch

  
Brief Excerpt:

RESEARCH National Commercial Bank Jamaica Downgraded To '###+/C' On Completion Of Sovereign Debt Exchange, Still On Watch Neg Publication date: 08-Mar-2013 Primary Credit Analyst: Vitor Garcia, Sao Paulo (55) 11-3039-9725; vitor_garcia@standardandpoors....

  
Report Type:

Ratings Action

Ticker
NCB@JA
Issuer
National Commercial Bank Jamaica Ltd.
GICS
Diversified Banks (40101010)
Sector
Global Issuers, Structured Finance
Country
Jamaica
Region
Latin America
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "National Commercial Bank Jamaica Downgraded To 'CCC+/C' On Completion Of Sovereign Debt Exchange, Still On Watch Neg" Mar 08, 2013. Alacra Store. May 04, 2025. <http://www.alacrastore.com/s-and-p-credit-research/National-Commercial-Bank-Jamaica-Downgraded-To-CCC-C-On-Completion-Of-Sovereign-Debt-Exchange-Still-On-Watch-Neg-1092135>
  
APA:
S&P Global Ratings’ Credit Research. (). National Commercial Bank Jamaica Downgraded To 'CCC+/C' On Completion Of Sovereign Debt Exchange, Still On Watch Neg Mar 08, 2013. New York, NY: Alacra Store. Retrieved May 04, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/National-Commercial-Bank-Jamaica-Downgraded-To-CCC-C-On-Completion-Of-Sovereign-Debt-Exchange-Still-On-Watch-Neg-1092135>
  
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