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National Commercial Bank Jamaica Ltd. 'B-/B' Ratings Placed On CreditWatch Negative Following Sovereign Rating Action Feb 13 Product Image

National Commercial Bank Jamaica Ltd. 'B-/B' Ratings Placed On CreditWatch Negative Following Sovereign Rating Action Feb 13

  • ID: 2416982
  • February 2013
  • Region: Jamaica
  • Standard & Poors

Abstract
We have lowered the foreign and local currency sovereign credit ratings on Jamaica to 'SD' from 'B-/B' and the ratings on its exchanged bonds to 'D' following the announcement of a domestic debt-exchange program. We are placing our 'B-/B' ratings on National Commercial Bank Jamaica on CreditWatch with negative implications. We expect the ratings to mirror the revised sovereign ratings after the proposed debt-exchange is completed. MEXICO CITY (Standard & Poor's) Feb. 15, 2013--Standard & Poor's Ratings Services placed its 'B-/B' issuer credit ratings on National Commercial Bank Jamaica Ltd. (NCBJ) on CreditWatch with negative implications. The CreditWatch placement follows our downgrade of Jamaica to 'SD' from 'B-/B' due to its domestic debt exchange program, which we believe could weaken...

Companies mentioned in this report are:
- National Commercial Bank Jamaica Ltd.

Action: On CreditWatch:Negative

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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- National Commercial Bank Jamaica Ltd.

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