Research Update: National Commercial Bank Jamaica Ltd. 'B-/B' Ratings Placed On CreditWatch Negative Following Sovereign Rating Action Feb 13
Standard & Poors, February 2013
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. On 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 NCBJ's financial profile....
Companies mentioned in this report are:
- National Commercial Bank Jamaica Ltd.
Action: CreditWatch Update
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
- National Commercial Bank Jamaica Ltd.
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