NEW YORK (Standard & Poor's) Feb. 9, 2004--Standard & Poor's Ratings Services said today that it lowered its long-term local currency credit rating and CD rating on National Commercial Bank Jamaica Ltd. (NCB) to 'B' from 'B+'. The outlook was revised to negative from stable. At the same time, the 'B' long-term foreign currency credit rating and CD ratings on NCB were affirmed. The outlook was revised to negative from stable. "The rating and outlook actions follow a similar action taken on the sovereign credit ratings on Jamaica, and reflect NCB's significant exposure to Jamaica's sovereign risk, with most of the bank's assets in the form of sovereign securities," said Standard & Poor's credit analyst Ursula M. Wilhelm. Complete ratings
