Wednesday, October 01, 2008
NCB’s Credit Rating by Standard & Poor’s Affirmed B/B
The Standard & Poor’s Rating Agency (S&P) has maintained its B/B credit rating for National Commercial Bank Jamaica Limited (NCB) and has revised its outlook to B/Negative/B from B/Stable/B.
While there has been no change in the Bank’s credit rating, S&P’s revision of the outlook is not unique to NCB and is to be interpreted within the context of challenges facing local and international businesses at this time, occasioned by the fallout being experienced in the US financial sector.
At the time of the nine-month release of its financial statements in July, NCB’s Group Managing Director, Patrick Hylton indicated that the Bank had already anticipated the developments to which the S&P report alluded as reasons for the revision in outlook. “Based on our assessment of the local and international environment for some time now, we had incorporated measures to address the constraints that were anticipated” said Mr. Hylton.
The Bank is confident that these measures can adequately deal with the risks in the environment. Mr. Hylton stated that “while these challenges remain, the Bank continues to focus pro-actively on capital strength, liquidity, robust risk and cost management in order to sustain its strong financial performance.”
http://www.jncb.com/docs/Standard_+_Poor_Release_0908.pdf
Contact
NCB Group Marketing & Communications Division
groupcomms@jncb.com
October 1, 2008
Important Advisory regarding phishing emails
