NEW YORK (Standard & Poor's) Dec. 10, 2004--Standard & Poor's Ratings Services said today that it affirmed its 'B/B' counterparty credit and CD ratings on National Commercial Bank Jamaica Ltd. (NCB). The outlook was revised to stable from negative. "The ratings affirmation and outlook revision follow similar rating actions taken on Jamaica's sovereign credit ratings, and are a reflection of NCB's significant exposure to Jamaica's sovereign risk," said Standard & Poor's credit analyst Leonardo Bravo. Most of the bank's assets are represented by government securities. The stable outlook mirrors the outlook on Jamaica's sovereign credit ratings, and reflects NCB's significant exposure to that country, with most of the bank's assets represented by government securities.
