NEW YORK (Standard & Poor's) March 21, 2002--Standard & Poor's said today that it placed its single-'B' long and short-term counterparty credit and single-'B' CD ratings on National Commercial Bank Jamaica Ltd. (NCB) on CreditWatch with positive implications. This ratings action follows the announcement of the acquisition of 75% of NCB by Canadian AIC Investments. The acquisition is in line with the goal of Financial Sector Adjustment Co. to transfer NCB's ownership to private hands. "While the sale should help to improve the bank's financial profile, the CreditWatch Positive listing will be resolved once Standard & Poor's meets with NCB to assess the new ownership and its impact on the bank's strategy and financial flexibility," said credit analyst David Olivares.
