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; however, the consequences of pandemic will hit profits this year; 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 the ratings; and Loan portfolio concentration by economic group driven by the Jamaican economy's structure. The negative outlook on National Commercial Bank Jamaica Ltd. (NCBJ) reflects that on Jamaica, which in turn reflects that there is at least a one-in-three chance that we could lower the ratings on Jamaica in the next 12 months if the strong economic recovery
