Isicoff (Southern District of Florida), NCBJ
POC chair, at laurel_m_isicoff@flsb.
These structures mitigate certain sovereign- and bank-related risks associated with Jamaica and NCBJ, allowing the rating of the securitization to be above Jamaica's country ceiling of 'B' and NCBJ's foreign currency (FC) and local currency (LC) issuer default ratings (IDRs) of 'B-'.
A strong domestic franchise, solid profitability, and adequate capitalization support the current ratings of NCBJ.
Investments and loans to the Jamaican government and public entities still represent the bulk of NCBJ
assets (51% at end-September 2008, almost 5 times [x] its equity), despite its sustained decline, it remains high and is a concern for Fitch given Jamaica's relatively low sovereign rating (long-term IDR rated 'B', Negative Outlook by Fitch).
Fitch has also reaffirmed the ratings of Jamaica Diversified Payments Company, a future flow remittances securitization issued by NCBJ
and currently rated 'BBB-' by Fitch.
has been very successful at expanding their share of consumer loans in order to improve loan diversification while asset quality ratios remain sound.
is the largest bank in the system in terms of assets (37%) and stands as the second-largest player with market shares of loans and deposits of 29% and 36%, respectively, at end-September 2006.
Established in 1837, NCBJ
is the second largest bank in the system with market shares of loans and deposits of 29.
Receiving honorable mentions in the Non-Profit area were: Cherie Brown, executive director, NCBJ
International (Washington, DC); Margaret Dixon, immediate past president, AARP (Washington, DC); Richard Hastings, president and CEO, St.