NEW YORK (Standard & Poor's) June 26, 2002--Standard & Poor's today raised its long-term counterparty credit ratings and CD ratings on National Commercial Bank Jamaica Ltd. (NCB) to single-'B'-plus from single-'B'. The ratings actions are based on the sale of a majority stake of NCB to the Canadian-based mutual fund manager Advantage Investment Counsel Ltd. (AIC). Standard & Poor's also affirmed its short-term counterparty credit and CD ratings of single-'B' on NCB. At the same time, all ratings were removed from CreditWatch, where they were placed on March 21, 2002. The outlook is stable. The sale of NCB to AIC is in line with the goal of Financial Sector Adjustment Co. (FINSAC) to privatize the bank. NCB's sale is a
