Research Update: National Commercial Bank Jamaica Upgraded To 'B+' From 'B' After A Similar Action On The Sovereign, Outlook Stable

On Sept. 27, 2019, S&P Global Ratings raised its long-term foreign and local currency sovereign credit ratings on Jamaica to 'B+' from 'B', reflecting the country's substantial progress in achieving macroeconomic stability and strengthening its external position, which improves its ability to withstand external shocks. The sovereign rating action doesn't affect our Banking Industry Country Risk Assessment (BICRA) on Jamaica, which remains at group '8', with an anchor for banks operating in Jamaica at 'bb-'. Following the sovereign rating action, we're raising our long-term ratings on domestic lender, NCBJ, to 'B+' from 'B'. The sovereign ratings still limit those on the bank, because we believe its operations would suffer during a hypothetical sovereign default scenario. The stable outlook on NCBJ

...- On Sept. 27, 2019, S&P Global Ratings raised its long-term foreign and local currency sovereign credit ratings on Jamaica to 'B+' from 'B', reflecting the country's substantial progress in achieving macroeconomic stability and strengthening its external position, which improves its ability to withstand external shocks. - The sovereign rating action doesn't affect our Banking Industry Country Risk Assessment (BICRA) on Jamaica, which remains at group '8', with an anchor for banks operating in Jamaica at '##-'. - Following the sovereign rating action, we're raising our long-term ratings on domestic lender, NCBJ, to 'B+' from 'B'. The sovereign ratings still limit those on the bank, because we believe its operations would suffer during a hypothetical sovereign default scenario. - The stable outlook on NCBJ reflects that on Jamaica....

Research Update