NCB Capital Markets Limited (NCBCM) and its subsidiary, NCB Capital Markets (Barbados) Limited (NCBCMBL), are celebrating improved regional credit ratings by Caribbean Information and Credit Rating Services Limited (CariCRIS), the regional credit rating agency.  

This upgrade sees the regional scale Issuer/Corporate Credit ratings of NCB Capital Markets Limited (NCBCML or the Company) moving to CariA (Local Currency Rating) and CariA- (Foreign Currency Rating) and reaffirmed the national scale rating of jmAA-.  

CariCRIS also maintains a stable outlook on the ratings, which is premised on the expectation that NCBCML will continue to report good profitability, remain well-capitalised, and continue to report adequate one-year Liquidity Gap Ratios over the next 12 to 15 months. 

“This upgrade in credit ratings is a resounding endorsement of our strategy, showcasing our adeptness in managing the complexities of the post-COVID economy,” stated Angus Young, CEO of NCB Capital Markets Limited.

“It also underscores the significant contribution of NCBFG’s regional subsidiaries to the group’s robustness. Despite the challenging macroeconomic conditions in our principal markets, I am truly impressed by the resilience and dedication of our teams, and their focus on achieving our business goals and supporting our clients with strength and confidence.” 

NCBCMBL, NCBCM’s Barbados-based subsidiary, was also upgraded to CariBBB+. This, according to CariCRIS, is due to NCBCMBL’s strong affiliation with NCB Financial Group Limited (NCBFG), whose strong funding base is characterised by continued growth and low cost, stable asset growth, along with sustained profitability and adequate capitalisation. 

The CariCRIS rating for other members of NCBCM’s region-wide subsidiaries were reaffirmed at their previous standing. This includes NCB (Cayman) being reaffirmed at CariA (Foreign & Local Currency Ratings) and NCB Merchant Bank (Trinidad and Tobago) Limited, being reaffirmed at CariA on the regional scale. The outlook for both also remains stable.