Durrant Pate/Contributor 

National Commercial Bank (NCB) Jamaica 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 banking 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, which has a majority stake in Trinidad and Tobago based insurance conglomerate, Guardian Holdings, has greeted the upgrade with thanks. The upgrade comes in the midst of a comprehensive management shake-up at the Michel Lee Chin led regional banking conglomerate   

NCB announced a series of management change and shake-up over the last three days in which it was disclosed that NCB CEO, Septimus Blake has completed his term and NCB Capital Markets boss, Steven Gooden are leaving the group.

Blake, who leaves on September 30 is being replaced by former Scotiabank Jamaica president, Bruce Bowen, who will take over as CEO from October 1.