Fitch: Bank of Jamaica on watch negative

Fitch Ratings said it placed National Commercial Bank of Jamaica Ltd.'s long-term foreign and local currency issuer default ratings of B- on rating watch negative.

Fitch said the placement on rating watch negative reflects the continued downside risks generated by the recent debt exchange announced by the Jamaican government, given the potential for a more challenging operating environment in the event of an unsuccessful debt exchange or the government's inability to meet other pre-conditions for securing an IMF program.

Despite the former, the bank remains well positioned to manage the fallout from the government's debt restructuring, the agency added.

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