Updated: 02-06-2023 - 12:00PM 4 7 CLOSED
Sep 30, 2019
On Sept. 30, 2019, S&P Global Ratings raised its long-term issuer credit ratings on National Commercial Bank Jamaica Ltd. (NCBJ) to 'B+' from 'B' after a similar action on the sovereign. In addition, we affirmed the 'B' short-term issuer credit ratings on the bank. The outlook on NCBJ is now stable.
The stable outlook on NCBJ mirrors that on Jamaica, which reflects our view that the country's fiscal policy will remain broadly consistent following the expiration of its IMF Standby Agreement (SBA) in November 2019. We expect the government to continue delivering robust primary fiscal surpluses, leading to a gradual reduction in debt and interest burden, and helping to boost external reserves. We also expect the country to maintain its growth momentum, with modest GDP growth, and that the government will continue advancing toward a more effective monetary policy framework, including a more flexible exchange rate. The stable outlook on the bank also reflects our expectation that it will keep the current fundamentals that support its 'bb-' SACP in the next 12 months.
S&P Global Ratings
Monday 30th September, 2019