Largest full-service commercial bank in Jamaica; and Sizeable market share and strong brand recognition. Moderate capital level; Geographic concentration; and Operating in a small economy amid highly volatile economic conditions. The stable outlook on National Commercial Bank Jamaica Ltd. (NCBJ) reflects our expectation it will remain Jamaica's largest financial institution in terms of assets, loans, and deposits in the next 12-18 months. We believe NCBJ will maintain a moderate RAC ratio of 6.4%-6.6% in the next two years, maintaining its stable internal capital generation, low dividend payout ratio, and manageable credit losses. We could lower the ratings on NCBJ if its capitalization weakens, leading to an RAC ratio below 5.0% consistently, due to higher growth rates than projected in our
