Largest full-service commercial bank in Jamaica, with a sizeable market share and good brand recognition; Adequate profitability despite Jamaica's weak economy; and Comfortable liquidity position. Moderate capital level; Concentration in troubled market; and High exposure to sovereign bonds. The positive outlook on National Commercial Bank Jamaica Ltd. (NBBJ) reflects our view that if we raise the sovereign ratings, we would take a similar rating action on NCBJ. We expect NCBJ will continue to operate as systemically important financial institution in the country, although largely exposed to sovereign debt and public sector lending. Therefore, we expect the ratings on the bank to move in tandem with those on the sovereign. The ratings on NCBJ reflect its "strong" business position, "moderate" capital
