Standard&Poor's Ratings Services' ratings on National Commercial Bank Jamaica Ltd. (NCB) are constrained by the sovereign ratings on Jamaica (B-/Stable/C) due to the bank's high exposure to securities and loans with the government and public entities. This high loan concentration and the challenging economic conditions in the country also constrain the ratings. However, NCB's strong market position and adequate financial profile support the ratings. NCB maintains a large exposure to Jamaica's government in the form of securities and loans. As a consequence of Jamaica's sovereign debt exchange, the lower interest rate paid on these securities will pressure NCB's interest margins, affecting profitability levels. However, considering the bank's efforts to improve other revenue sources and its cost containment policy,
