S&P lifts National Commercial Bank of Jamaica

Standard & Poor's said it raised the short-term issuer credit rating on National Commercial Bank Jamaica Ltd. to B from C.

The agency also affirmed its B- long-term foreign- and local-currency issuer credit ratings on the bank.

The outlook remains negative.

The upgrade reflects the revision of the agency's criteria on the linkage between long- and short-term ratings on corporate and sovereign issuers and the bank's higher stand-alone credit profile than the sovereign rating, which caps the ratings on the bank, S&P said.

This reflects a belief that the bank's significant exposure to the government and public entities represents a constraint on the issuer credit rating, the agency said.

The negative outlook reflects the sovereign outlook and an opinion that the bank might suffer due to its high exposure to the government and public entities, S&P said.

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