Leading market position, a long track record, and expertise in the Jamaican banking system; Stable and diversified income sources that contribute to solid and steady results; and High share of customer deposits in its funding base. Loan portfolio concentration by economic group driven by the Jamaican economic structure; Moderate capitalization levels per our risk-adjusted capital framework; and Banking operations mostly based in Jamaica, which limits the bank's anchor and stand-alone credit profile (SACP). The positive outlook on National Commercial Bank Jamaica Ltd. (NCBJ) mirrors that on Jamaica (B/Positive/B), which reflects there is at least one-in-three likelihood of an upgrade on the sovereign--and therefore on NCBJ--in the next year. The positive outlook on the bank also reflects our expectation that it
