S&P lowers Bank Jamaica

Standard & Poor's said it lowered National Commercial Bank Jamaica Ltd.'s long-term counterparty credit rating to CCC from CCC+ and its survivability assessment to B from B+.

The outlook is negative.

The action followed the downgrade of the long-term sovereign credit rating on Jamaica (CCC/negative/C).

"NCB has a very large exposure to Jamaican sovereign-debt securities and loans to public entities," S&P analyst Alfredo Calvo noted in a statement.

"Also, Jamaica's deteriorating economic situation and the more-challenging conditions for the Jamaican banking system will continue to pressure the financial performance of the bank."

The bank's leading market presence in the Jamaican banking system, adequate but pressured performance under more-challenging conditions and consistent improvements in its operating performance support the rating, S&P said.

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