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Fitch revises outlook on National Commercial Bank Jamaica to positive

Fitch Ratings on Feb. 16 revised the outlook on National Commercial Bank Jamaica Ltd.'s ratings outlook to positive from stable, following a similar action on Jamaica's sovereign ratings.

The rating agency also affirmed the bank's long- and short-term foreign and local currency issuer default ratings at B and viability rating at "b."

The positive outlook mirrors "the government's reduced refinancing risks due to improved market access, continued fiscal discipline, positive public debt dynamics, stronger business confidence and improved employment trends, notwithstanding a rate of real GDP growth rate well below the regional average," Fitch said.

Meanwhile, the bank's ratings "reflect the high influence of the operating environment given its exposure to the sovereign as well as the bank's reach into all major sectors of the Jamaican economy through its diverse corporate and retail banking, insurance and securities services," the rating agency noted.