Leading market position, a long track record, and expertise in the Jamaican banking system; Diversified income sources that contribute to business stability and solid results; and Diversified funding base primarily composed of customer deposits, repurchase agreements, and securitizations. Banking operations mostly based in Jamaica, which limits the bank's credit profile and ratings; Loan portfolio concentration by economic group driven by the Jamaican economy's structure; and Moderate capitalization levels per our risk-adjusted capital framework. The stable outlook on National Commercial Bank Jamaica Ltd. (NCBJ) mirrors that on Jamaica (B+/Stable/B). The outlook on the bank also reflects our expectation that it will keep its current credit fundamentals in the next 12 months, particularly its leading position in the domestic market, sound business
