RATING ACTION:
On December 4, 2025, CariCRIS downgraded the Issuer/Corporate Credit Ratings assigned to NCB (Cayman) Limited (NCBKY or the Company) by 1 notch to CariA- (Foreign and Local Currency Ratings) on the regional rating scale. A stable outlook was assigned.
Download Full Rating Rationale
RATING SENSITIVITY FACTORS:
Factors that could, individually or collectively, lead to an improvement in the Ratings and/ or Outlook include:
- Improved profitability over the next year as a result of higher income earned from investments and/or loans, thereby contributing to Net Profit (NP) growth of 50% or more
- A reduction in the non-performing loan (NPL) ratio to below 15% sustained for 2 consecutive years
- Increase in Tangible Net Worth (TNW) by 20% or more for 3 consecutive years
- Improvement in funding profile to more diversified sources leading to improved funding stability
Factors that could, individually or collectively, lead to a lowering of the Ratings and/ or Outlook include:
- A decline in investment yield leading to a compression in net interest spread to below 1% over the next 12 to 15 months
- An increase in the NPL ratio to above 30% for the next 12 months
- A downgrade in the ratings of assets within the fixed income portfolio
- Deterioration in the credit rating of National Commercial Bank Jamaica Limited (NCBJ or the Parent) that could materially impact the extent of support available to NCBKY
- A fall in customer deposits by 20% or more sustained for 2 financial years
Analysts’ Contact Info:
Keith Hamlet
Tel: 1-868-487-8356
E-mail: khamlet@caricris.com
Shabanna Seetaram
E-mail: sseetaram@caricris.com
info@caricris.com
www.caricris.com
Disclaimer: CariCRIS has taken due care and caution in compilation of data for this product. Information has been obtained by CariCRIS from sources which it considers reliable. However, CariCRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. No part of this report may be published / reproduced in any form without CariCRIS’ prior written approval. CariCRIS is also not responsible for any errors in transmission and especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this product.