On June 26, 2002, Standard & Poor's 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 short-term counterparty credit and CD ratings of single-'B' were affirmed. The outlook is stable. At the same time, Standard & Poor's removed the bank's ratings from CreditWatch, where they were placed on March 21, 2002. 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). This operation is in line with the goal of Financial Sector Adjustment Co. (FINSAC) to privatize the bank. The sale of NCB is a positive step and should help to improve the
