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S&P revises National Commercial Bank Jamaica view to negative
S&P said it revised the outlook for National Commercial Bank Jamaica to negative from stable but affirmed the bank’s B+/B ratings.
The revision follows the agency’s recent decision to revise the outlook for Jamaica to negative from stable.
“The sovereign ratings constrain the bank's credit quality. Thus, the outlook revision on Jamaica results in the same action on NBCJ. We limit the long-term rating on the bank by the sovereign because we don't consider that NCBJ could withstand a sovereign default scenario, given its large exposure to the country in the form of investments and loans,” said S&P in a press release.
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