We have downgraded the foreign and local currency sovereign credit ratings on Jamaica to 'SD' from 'CCC/C' and the ratings on its exchanged bonds to 'D' following the announcement of a domestic debt-exchange program. We are placing our 'CCC/C' ratings on NCB on CreditWatch with developing implications. The ratings could be upgraded, maintained, or downgraded depending on the impact of the Jamaica sovereign debt exchange on NCB's liquidity and asset quality. On Jan. 15, 2010, Standard&Poor's Ratings Services placed its 'CCC/C' ratings on National Commercial Bank Jamaica Ltd. (NCB) on CreditWatch Developing. The CreditWatch placement follows our revision of Jamaica's sovereign rating to 'SD' from 'CCC/C' due to its new domestic debt exchange program, which we believe will
