Summary: National Commercial Bank Jamaica Ltd.

Leading Caribbean full-service commercial bank with a strong market share and brand recognition; Large capital base; and Adequate profitability despite Jamaica's weak economy. High economic risks; Concentrated exposure to sovereign bonds; and Increasing nonperformance levels. The negative outlook reflects the sovereign outlook and our opinion that National Commercial Bank Jamaica Ltd. (NCB) might suffer due to its high exposure to the government and public entities. Any positive rating action would depend on the sovereign rating on Jamaica. A negative rating action could occur if there's a negative action on the sovereign or if current economic conditions in the country significantly pressure the bank's liquidity or capital or if nonperforming assets (NPAs) rise above 10%. Global Financial Future Flow Transaction Methodology

Summary