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

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

  • Published: 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. 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

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- National Commercial Bank Jamaica Ltd.

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