NATIONAL Commercial Bank Jamaica Ltd (NCB), which has a majority stake in Guardian Holdings Ltd, received an upgrade in its rating by the Caribbean Information and Credit Rating Services Ltd (CariCRIS).
NCB went up a notch, getting a CariA in the foreign currency ratings, CariA+ in local currency ratings on the regional scale and a jmAA+ on its Jamaica national rating scale.
The upgrades mean that the level of creditworthiness of the company in relation to others in Jamaica is high.
A release from CariCRIS said the improvement in fiscal revenue and a lowering of the Jamaican government’s debt-to-GDP ratio to 79.7 per cent is further evidence of its good rating.
CariCRIS added that the bank’s stable outlook has been maintained, based on the expectation that the bank will remain profitable and subsidiaries would remain well capitalised.
NCB, in a separate release announced major leadership changes with the group.
According to the release, NCBJ CEO Septimus Blake has completed his term and NCB Capital Markets Ltd, is leaving the group effective September 30.
Bruce Bowen will take over from Blake as CEO from October 1.
The release said until then he will continue as special advisor to the interim group CEO.
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