Fitch Ratings has affirmed the Long-Term and Short-Term Foreign and Local Currency Issuer Default Ratings (IDRs) of NCB Financial Group and its principal banking subsidiary, National Commercial Bank Jamaica Limited (NCBJ).

Fitch affirmed NCBFG’s Long-Term IDR at ‘B+’ and Short-Term IDR at ‘B’, and NCBJ’s Long-Term IDR at ‘BB-’and Short-Term IDR at ‘B’.

The international rating agency has also upgraded its prior outlook from negative to stable.

In an advisory, NCBFG outlined that the rating action reflects Fitch’s assessment of the group’s capitalisation, liquidity position, funding profile and overall credit fundamentals within the current operating environment.

On the NCB Capital Markets website, an expansion of the notice read, “The group also maintains adequate capitalisation, supported by disciplined dividend upstreaming and aligned asset growth. Tangible common equity/tangible assets stood at 10.8 per cent, and the capital adequacy ratio was 15.2 per cent, comfortably above minimum requirements. Overall, capitalisation is expected to remain broadly stable over the rating horizon, with the mandatory reserve fund providing an added buffer.

It added: “Liquidity strengthened despite expectations of deposit outflows, reflecting the bank’s position as the largest deposit taker with a diversified, low-cost base covering 63 per cent of funding needs. The gross loans-to-customer deposits ratio improved to 69.2 per cent (from 72.7 per cent) in FY2025, supporting balanced funding. Liquidity is anticipated to remain robust as hurricane effects materialise, consistent with the current rating profile.

The upgrade to stable outlook points to Fitch’s expectation that the group’s financial profile will remain consistent with the current rating levels over the medium term.

In the meantime, Fitch pointed out that National Commercial Bank of Jamaica’s (NCBJ) rating is closely linked to Jamaica’s sovereign rating, given government support considerations. As such, the rating agency’s affirmation reflects its assessment of Hurricane Melissa’s impact on the commercial banking segment.

“Hurricane Melissa is expected to cause material economic damage and recovery costs, creating a challenging banking environment through 2026–2027 and pressuring financial metrics. However, Fitch views the impact on NCBJ as manageable and less severe than initially anticipated, with sufficient rating headroom to absorb near-term effects. The bank’s scale, diversified model and strong client relationships support pricing power and business generation during stress; total operating income reached US$604.0 million as at Sep-2025,” the expanded notice said.

“NCBFG remains focused on prudent risk management, disciplined capital planning and sustainable value creation for shareholders,” the regional financial conglomerate informed its shareholders in the advisory.