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By Javaughn Keyes
Caribbean Information and Credit Rating Services Limited (CariCRIS) has reaffirmed its "high creditworthiness" rating for the NCB Financial Group, on both a national and regional scale.
In its latest rating of NCB Financial Group, CariCRIS says it has maintained its 'Cari A+' rating for local currency, and 'Cari A' for Foreign Currency instruments.
As for its local creditworthiness, CariCRIS assigned NCBFG a rating of 'jmAAA' for Local Currency lending and 'jmAA+' for Foreign Currency instruments in the local market.
This means from a regional perspective, NCB Financial Group's creditworthiness is assessed as good be CariCRIS, while in Jamaica, the group is rated at the highest ranks.
With these ratings, the agency has maintained a stable outlook for the financial group.
CariCRIS says this is based on the expectations that over the next 12 to 15 months, NCBFG's financial performance would likely improve.
It expects this to be supported by the banking and insurance operations.
The ratings agency also projects the improving economic conditions in NCBFG's primary operating territories, along with the expected reduction in global interest rates to positively impact the Group's financial performance.
CariCRIS says the group's subsidiaries are also expected to remain well capitalized over the next 12 to 15 months.
Despite the positive outlook, it says there are a few factors that could, individually or collectively, lead to a lowering of the ratings and outlook.
It says the deterioration of any of NCB Financial Group's subsidiaries below country-specific regulatory requirements, as well as lower credit ratings for the Government of Jamaica and/or the Government of Trinidad and Tobago would have negative implications.
CariCRIS says NCBFG's cost to income ratio being 90 per cent or above would also be problematic.
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