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S&P upgrades credit outlook for NCBJ

Standard & Poor's Global Ratings has upgraded its credit outlook for National Commercial Bank Jamaica (NCBJ).
 
The bank announced that its long-term issuer credit rating has moved from B+ plus' to BB-. 
 
S&P says the short-term issuer credit ratings were also affirmed at B. 
 
The ratings agency has kept a stable outlook for the financial institution, as it expects NCBJ will maintain its credit fundamentals over the next 12 months.
 
The news comes days after S&P also upgraded Jamaica's sovereign credit rating to BB-.
 
Septimus Blake, CEO of NCBJ, says "This validates NCBJ's market position in the domestic financial system," said Septimus Blake, CEO of NCBJ.
 
NCB Financial Group's Interim CEO, Robert Almeida said the historic rating upgrade for NCBJ, suggests that the "leadership team is committed to financial stability and prudent fiscal management across the group of companies".
 
 


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