Fitch Affirms National Commercial Bank of Jamaica Limited IDRs to 'B+'; Outlook Revised to Positive

• Fitch Ratings has affirmed National Commercial Bank of Jamaica Limited's (NCBJ) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B+'. The Rating Outlooks were revised to Positive from Stable.
• The Positive Rating Outlook on NCBJ's IDRs reflects the recent revision of the sovereign Rating Outlook to Positive, as the bank's ratings are directly tied to the operating environment constraining the IDRs given the bank's systemic importance in the country as the largest bank by total assets and deposits.
• NCBJ's IDRs are driven by its Viability Rating (VR) or standalone creditworthiness, which is highly influenced by Jamaica's operating environment and the bank's company profile. Fitch considers the bank's intrinsic exposure to the Jamaican economy is high through its investment exposure to the Bank of Jamaica and Government of Jamaica treasury notes.

(Source: Fitch)