S&P cuts Bank Jamaica

Standard & Poor's said it lowered its issuer credit ratings on National Commercial Bank Jamaica Ltd. to CCC+/C from B-/B.

The downgrade follows the completion of the sovereign domestic debt exchange program and the resulting upgrade of Jamaica to CCC+/C from SD.

The ratings remain on CreditWatch with negative implications.

The agency said it is also lowering the bank's stand-alone credit profile to B from B+ following the change in Banking Industry Country Risk Assessment on Jamaica to group 10 from group 9.

"The bank's downgrade reflects its significant exposure to Jamaican sovereign-debt securities and loans to public entities (62% of its total investment and loan portfolio). As a result, the sovereign ratings cap the ratings on bank," S&P credit analyst Vitor Garcia said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.