Standard & Poor's Ratings Services lowered its long-term local currency credit rating and CD rating on National Commercial Bank Jamaica Ltd. (NCB) to 'B' from 'B+'. The outlook was revised to negative from stable. At the same time, the 'B' long-term foreign currency credit rating and CD rating on NCB were affirmed. The outlook was revised to negative from stable. The rating and outlook actions follow a similar action taken on the sovereign credit ratings on Jamaica, and reflect NCB's significant exposure to Jamaica's sovereign risk, with most of the bank's assets in the form of sovereign securities. The local and foreign currency outlooks mirror the outlook assigned to Jamaica's sovereign ratings. A change in the ratings or outlook on
