NEW YORK (Standard & Poor's) July 29, 2003--Standard & Poor's Ratings Services said today that it lowered its long-term foreign currency credit rating and CD rating on National Commercial Bank Jamaica Ltd. (NCB) to 'B' from 'B+'. The outlook is stable. At the same time, the 'B+' long-term local currency credit rating and CD rating on NCB was affirmed. The outlook is stable. "The rating action on the foreign currency rating follows a similar action taken on Jamaica's sovereign credit ratings, and reflects NCB's significant exposure to Jamaica's sovereign risk, with most of the bank's assets represented by government securities," said credit analyst David Olivares. The foreign currency outlook reflects the sovereign foreign currency outlook. The outlook on local currency
