On Dec. 20, 2007, Standard&Poor's Ratings Services affirmed its 'B/B' counterparty credit rating on National Commercial Bank Jamaica Ltd. (NCB). The outlook is stable. The ratings on NCB are constrained by the sovereign ratings on Jamaica because sovereign bonds and loans to public entities represent most of NCB's assets. The ratings are also constrained by NCB's larger-than-peer loan concentration in its main clients and its operating in a relatively small, highly indebted, and nondiversified economy. The ratings are supported by the bank's relevant market presence in the Jamaican banking system, adequate performance in a challenging environment, and consistent improvements in its operating performance. NCB maintains a large exposure to Jamaica's government, represented by investments in government bonds. In
