Noted Global rating agency Standard and Poors (S&P) has upgraded National Commercial Bank Limited’s long-term issuer credit rating from “B+” to “BB-“.
In announcing the upgrade, NCBJ further announced that the short-term issuer credit ratings were affirmed at ‘B’.
It was highlighted that S&P retained a stable outlook for the financial institution given their expectation that NCBJ will maintain its credit fundamentals over the next 12 months.
This positive development mirrors a similar upgrade for the sovereign credit ratings of Jamaica, reflecting financial stability and prudent fiscal management at both the bank and national levels.
Meanwhile, Interim Group CEO of NCB Financial Group Limited (NCBFG), Robert Almeida, noted, that “this historic rating upgrade provides independent confirmation of what we already know – that our leadership team is committed to financial stability and prudent fiscal management across our Group of companies.”