Fitch: Negative view for Commercial Bank Jamaica

Fitch Ratings said it removed from Rating Watch negative and affirmed National Commercial Bank Jamaica Ltd.'s long-term foreign- and local-currency issuer default ratings at B-.

Fitch also said it assigned a negative outlook to its long-term issuer default ratings.

The ratings reflects the bank's resilient financial performance following the national debt exchange that settled Feb. 22, Fitch said.

The outlook is negative given downside risks for a more challenging operating environment if the government is not successful at implementing its International Monetary Fund program, the agency said.

Despite this risk, the bank was well positioned to manage the fallout from the government's debt restructuring, Fitch said.

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