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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Friday, May 3, 2024, Vol. 25, No. 90

                           Headlines



A R G E N T I N A

ARGENTINA: To Offer Bonds In First Step To Lift Currency Controls


B R A Z I L

BRAZIL: Economy Faces Trade Deficit Yet Investment Remains Strong
NU FINANCEIRA: S&P Upgrades ICR to 'BB' on Lower Competitive Risks


C A Y M A N   I S L A N D S

EFG HELLAS: S&P Withdraws 'BB/B' Ratings on Senior Debt


C O L O M B I A

COLOMBIA: IMF OKs US$8.1 Billion Flexible Credit Line Arrangement


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Mayors Urged to Embrace Industrial Revolution
[] DOMINICAN REPUBLIC: Remittances in 1Q Reaches USD2,635.6M


J A M A I C A

NCB FINANCIAL: Plans to Raise $5.1 Billion in APO


X X X X X X X X

LATAM: Notes Decline of Remote Salaries in the Region

                           - - - - -


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A R G E N T I N A
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ARGENTINA: To Offer Bonds In First Step To Lift Currency Controls
-----------------------------------------------------------------
Ignacio Olivera Doll at Bloomberg News reports that Argentina is
readying a new instrument to allow companies to send dividends
abroad, a first step to lift a cobweb of restrictions in its
foreign-exchange market.

The Central Bank announced it is planning to offer companies the
same type of dollar-denominated bond, known as "BOPREAL," it has
been selling to importers. The series offered to companies will
mature in 2026 and could be auctioned on May 6, the bank said in a
statement, according to Bloomberg News.

The bonds are subscribed in pesos at the official currency rate and
can be either held to maturity, when they will be redeemed in
dollars, or exchanged for greenbacks at any time in the parallel
market, Bloomberg News relays.

The Central Bank estimates that US$5 billion to US$7 billion in
corporate dividends are trapped into the country's tightly
regulated currency market, becoming the main obstacle for the
removal of those same restrictions, according to two people
familiar with matter who requested anonymity to reveal information
that hasn't been published yet, Bloomberg News notes.

Argentine authorities intend to release foreign exchange controls
gradually, but as soon as possible, Bloomberg News relays.  Their
main goal is to avoid a spike in demand for dollars that could
happen if large companies are suddenly allowed to take out of the
country all the dividends they have accumulated over the past few
years, Bloomberg News says.

Officials are not worried about the impact of looser controls on
individuals or small companies, the people said, because dollar
demand from both groups has been low in parallel currency markets
-- which small firms are now allowed to access after a change in
regulation, Bloomberg News adds.

                      About Argentina

Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.

S&P Global Ratings, on March 15, 2024, raised its local currency
sovereign credit ratings on Argentina to 'CCC/C' from 'SD/SD' and
its national scale rating to 'raB+' from 'SD'. S&P also raised its
long-term foreign currency sovereign credit rating to 'CCC' from
'CCC-' and affirmed its 'C' short-term foreign currency rating. The
outlook on the long-term ratings is stable. In addition, S&P
revised its transfer and convertibility assessment to 'CCC' from
'CCC-'.

S&P said the stable outlook on the long-term ratings balances the
risks posed by pronounced economic imbalances and policy
uncertainties with the favorable change in near-term debt service
obligations. S&P also expect no further debt exchanges that it
would likely consider to be distressed.

Fitch Ratings upgraded on June 13, 2023, Argentina's Long-Term
Foreign Currency (FC) Issuer Default Rating (IDR) to 'CC' from
'C'and affirmed the Long-Term Local Currency (LC) IDR at 'CCC-'.
Fitch typically does not assign Outlooks to sovereigns with a
rating of 'CCC+' or below.

The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a default
event of some sort appears probable in the coming years, regardless
of the outcome of upcoming elections. The affirmation of the LC IDR
at 'CCC-' follows the peso debt swap in June that Fitch did not
deem to be a "distressed debt exchange" (DDE).

Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings.  The outlook remains stable.  The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.

DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.




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B R A Z I L
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BRAZIL: Economy Faces Trade Deficit Yet Investment Remains Strong
-----------------------------------------------------------------
Richard Mann at Rio Times Online reports that in March 2024, Brazil
recorded a substantial external accounts deficit of $4.6 billion,
the highest for this month since 2021.

This information, released by Brazil's Central Bank on May 2, 2024,
outlines a significant shift in the country's financial
interactions with the global market, according to Rio Times
Online.

The trade surplus for goods, which was $5.1 billion, declined
sharply by 44.8% compared to March 2023, the report notes.

This downturn primarily resulted from a 14% drop in exports, which
fell to $28.4 billion, while imports saw a modest decline of 1.9%,
totaling $23.4 billion, the report relays.

The reduction in exports significantly contributed to the trade
balance change, the report says.

The services account deficit grew to $3.7 billion, a 21.4% increase
from the previous year, the report discloses.

Simultaneously, the primary income deficit, which includes
international payments like interest and dividends, rose to $6.0
billion, the report notes.

This rise of 6.8% from the previous March's $5.6 billion further
stressed Brazil's external financial position, the report relays.

The report says that over the past year, Brazil's external accounts
faced a $32.6 billion deficit, or 1.46% of its GDP.

This figure presents an increase from the $27.3 billion deficit
noted in February, yet a decrease from the $49.3 billion deficit
observed in March 2023, the report discloses.

In the first quarter of 2024, the external accounts deficit reached
$14.40 billion, the highest since 2021's first quarter deficit of
$21.64 billion, the report notes.

This represents a 14.1% increase from the same period in 2023, the
report relays.

The report notes that despite these challenges, foreign direct
investment (FDI) in Brazil for March reached $9.6 billion, the
highest monthly figure recorded since 2012.

This robust inflow of investment underscores continuing
international confidence in Brazil's market potential, despite
ongoing fiscal challenges, the report says.

This scenario of increasing deficits combined with strong FDI
inflows suggests a complex economic environment, the report notes.

These fluctuations underscore Brazil's struggle to balance
international payments, maintain economic stability, and attract
foreign investment, the report relays.

This delicate balance is crucial for Brazil's long-term economic
health and its ability to engage effectively on the global stage,
the report adds.

                          About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian
general election. He was sworn in on January 1, 2023, as the 39th
president of Brazil, succeeding Jair Bolsonaro.

S&P Global Ratings raised on Dec. 19, 2023, its long-term global
scale ratings on Brazil to 'BB' from 'BB-'. The outlook on the
long-term ratings is stable. S&P affirmed Brazil's global scale
short-term ratings at 'B' and its national scale long-term rating
at 'brAAA'. S&P also raised the transfer and convertibility
assessment on the country to 'BBB-' from 'BB+'. S&P said, "The
stable outlook reflects our expectation that Brazil will maintain
a
strong external position, thanks to strong commodity output and
limited external financing needs. We also believe Brazil's
institutional framework can sustain stable and pragmatic
policymaking based on extensive checks and balances across the
executive, legislative, and judicial branches of government. We
expect a very gradual fiscal correction but anticipate fiscal
deficits will remain large."

Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable
Outlook. Fitch said Brazil's ratings are supported by its large and
diverse economy, high per-capita income, and deep domestic markets
and a large cash cushion that support the sovereign's financing
flexibility and its high local-currency debt share. Strong external
finances support resilience to shocks, underpinned by a flexible
exchange rate, robust international reserves and a sovereign net
external creditor position. The ratings are constrained by weak
economic growth potential, relatively low governance scores, high
and rising government debt/GDP, and budgetary rigidities. A new
fiscal framework introduced this year aims to anchor a gradual
consolidation process and address these fiscal weaknesses, but its
effectiveness is increasingly unclear.

Moody's credit rating for Brazil was last set at Ba2 in 2018 with
stable outlook.  Moody's affirmed the Ba2 issuer ratings and
senior unsecured bond ratings in April 2022.

DBRS Inc., on August 15, 2023, upgraded Brazil's Long-Term
Foreign and Local Currency - Issuer Ratings to BB from BB (low).
At the same time, DBRS Morningstar confirmed Brazil's
Short-term Foreign and Local Currency - Issuer Ratings at R-4.
The trend on all ratings is Stable (March 2018).

NU FINANCEIRA: S&P Upgrades ICR to 'BB' on Lower Competitive Risks
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit ratings on Nu
Financeira S.A. to 'BB' from 'BB-' on the global scale and to
'brAAA' from 'brAA+' on the national scale. The outlook is stable.

S&P also affirmed its 'BB-' global scale issuer credit ratings on
Nu Holdings Ltd. The outlook remains stable.

Nu Holdings Ltd. is a nonoperating holding company created in 2016
and headquartered in the Cayman Islands. Its main subsidiaries are
Nu Pagamentos S.A., Nu Financeira S.A., Nu Mexico Financiera S.A.,
and Nu Colombia S.A.

The consolidated Nubank group (Nubank) has maintained strong credit
growth, with improving results and a better competitive position in
Brazil's banking industry as a digital nonbank financial
institution (NBFI). In S&P's view, Nubank's market position is not
only stronger than other Brazilian NBFIs, but is now more
comparable to the banking industry.

S&P said, "Our rating on Nu Financeira reflects its status as a
core subsidiary of Nubank, given that it's one of the group's main
operating companies. As such, Nu Financeira's performance and
credit quality are also a main driver of Nubank's group credit
profile (GCP), which we assess at the same level as the Brazilian
subsidiary.

"We think that asymmetric regulation of Nubank has decreased, while
product coverage and client stickiness have increased. Nubank's
funding structure has also become more comparable to traditional
banks because it's now more closely regulated and monitored by the
Brazilian central bank.

"In addition, Nubank is among the top entities in terms of credit
card issuances and deposit share in Brazil. As a result, our
anchor--the starting point for our rating on Nubank--is now equal
to that for commercial banks in Brazil, since we think Nubank has
lower competitive risks than other NBFIs.

"We also believe that portfolio growth, client loyalty, improving
efficiency, and better financial margins are strengthening Nubank's
market position. The credit portfolio--80% of which consists of
credit cards and 20% personal loans--grew 49% annually on a
foreign-exchange-neutral basis as of December 2023. This is partly
because of its active client base of 78 million, which grew 27%
year-on-year as of the same date.

With this ongoing expansion, ever since achieving breakeven at the
holding level, Nubank has been continuously reporting stronger
results. The institution reported $1.2 billion of adjusted annual
profits at the end of 2023, materially higher than the previous
$204 million of 2022. S&P thinks Nubank will continue posting
above-average results in the next few years.

After an IPO at the NYSE in 2021, Nubank has sufficient capital to
support operations in Brazil and to expand its operations in Mexico
and Colombia. This, along with Nubank's stronger results, has
helped it maintain healthy capital. At the Brazilian prudential
conglomerate level, Nubank reported a 13.7% Basel ratio as of
December 2023, which reinforces the group's capital position,
giving it some cushion above the minimum regulatory level in
Brazil.

S&P said, "To evaluate banks' capitalization, we apply our
risk-adjusted capital (RAC) framework globally, regardless of
regional regulations or the bank's internal risk measures. Our RAC
compares our definition of total adjusted capital to our
risk-weighted assets, reflecting a risk metric that's globally more
comparable than regulatory ratios. We forecast a RAC ratio of
8.5%-9.0% in the next two years."

S&P's base-case scenario assumptions include the following
factors:

-- Brazil's GDP growth of 1.8% in 2024 and 2.0% in 2025.

-- Loan portfolio growth of 40% in 2024 and 30% in 2025.

-- Profitability to continue to improve, reflecting better
efficiency and revenue diversification from the lending and
insurance business.

-- Noninterest expenses on a nominal basis to be in line with
previous years, mainly for personnel, processing data, and credit
card issuance costs.

-- Nonperforming loans (NPLs) to remain below the industry average
in the credit cards segment in the upcoming years.

-- Historically, Nubank has not paid dividends yet, but we expect
dividend payments up to 40% in the next two years due to improving
profitability.

For the past several years, Nubank's asset quality metrics have
been stable and better than the industry average, with NPLs of more
than 90 days steady at 6.1% in the third and fourth quarters of
2023. S&P said, "We think asset quality metrics are still pressured
by a deterioration in the credit card industry, riskier credit mix
in Nubank's portfolio, and still high interest rates in Brazil
since 2022, despite recent drops. Despite these conditions, we
think the expansion of the client base--which consists of credit
card holders focused more on transactional operations--as well as
higher net interest margins due to a larger share of personal loans
on its balance sheet mitigate this risk."

S&P said, "Regardless of its rapid growth, we expect Nubank's asset
quality to remain manageable. We expect the entity's delinquency
levels to remain below the industry average because of its
expertise in building credit and risk profiles, improving the
accuracy of its collection metrics." Moreover, its expansion in
payroll credit lines should not hurt credit quality because this
product is less risky than credit cards.

In addition, Nubank's loan loss reserves were $2.3 billion in
September 2023 and $2.6 billion in December 2023. Therefore, the
coverage ratio was 13.5% and 13.7% of the loan portfolio in Brazil
and 222.2% and 225.4% of NPLs during the third and fourth quarters
of 2023, respectively.

In recent years, Nubank has been increasing its funding base
through deposit growth. In 2023, deposits reached more than $23.7
billion, representing 38% annual growth on a
foreign-exchange-neutral basis and most of its funding base.

S&P thinks deposits from individuals support Nubank's stability
because they're more diversified than wholesale-oriented funding.
Also, this type of funding benefits from guarantees from FGC
(Credit Guarantee Fund). Nubank also had a robust cash position of
$5.9 billion as of December 2023, without concentration of
short-term maturities.

Even though the holding company doesn't hold any debt, it
guarantees debt of its Mexican and Colombian subsidiaries to
support operational growth in these countries, which we consider in
our adjusted ratios. As of December 2023, the total guaranteed debt
was about $1.0 billion with maturities between 2024 and 2026.
Considering S&P's adjusted metrics of broad liquid assets as of the
same date, the adjusted available cash at the holding company would
be sufficient to cover its debts by 1.96x (2.30x in the first half
of 2023). Moreover, the holding also guarantees the recent debt
line of $150 million announced in April 2024 to boost operations in
Colombia.

Although Nu Holdings currently has enough cash and liquid assets to
meet its obligations without depending on dividends or cash flows
from its subsidiaries, S&P thinks its debt coverage metrics will
gradually be more pressured. These pressures will stem from the
Mexican and Colombian entities' continued expansion without
reaching breakeven yet, which prevents the rating on the holding
company from being at the same level as that on its operating
subsidiary.




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C A Y M A N   I S L A N D S
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EFG HELLAS: S&P Withdraws 'BB/B' Ratings on Senior Debt
-------------------------------------------------------
S&P Global Ratings has withdrawn its 'BB/B' long- and short-term
ratings on senior debt and its 'B' long-term rating on subordinated
debt under EFG Hellas (Cayman Islands) Ltd.'s EUR2 billion
medium-term note program. This is because the entity has ceased
operations.

There is no rated debt outstanding under this program.




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C O L O M B I A
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COLOMBIA: IMF OKs US$8.1 Billion Flexible Credit Line Arrangement
-----------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
approved a successor two-year arrangement for Colombia under the
Flexible Credit Line (FCL) in an amount equivalent to SDR 6.1335
billion (about US$8.1 billion) and noted the cancellation by
Colombia of the previous arrangement. The Colombian authorities
stated their intention to treat the new arrangement as
precautionary.

The FCL was established on March 24, 2009, as part of a major
reform of the Fund's lending framework. The FCL allows its
recipients to draw on the credit line at any time and is designed
to flexibly address both actual and potential balance of payments
needs to help boost market confidence. Drawings under the FCL are
not phased nor tied to ex-post conditionality as in regular
IMF-supported programs. This large, upfront access with no ex-post
conditionality is justified by the very strong policy fundamentals
and institutional policy frameworks and sustained track records of
countries that qualify for the FCL, which gives confidence that
they will respond appropriately to the balance of payments
difficulties that they are encountering or could encounter.

Colombia has maintained access to the FCL instrument since 2009,
and this is the country's tenth FCL arrangement. Prior to the
pandemic in 2020, Colombia had been gradually lowering access in
successive FCL arrangements. The arrangement approved on June 15,
2016 was for an access amount equivalent to SDR 8.18 billion (about
US$11.5 billion). The arrangement approved on May 25, 2018 was for
an access amount equivalent to SDR 7.848 billion (about US$11.4
billion). The arrangement approved on May 1, 2020, was for the same
level of access as the 2018 FCL arrangement and later augmented on
September 25, 2020 to SDR 12.267 billion due to the pandemic. The
arrangement approved on April 29, 2022 was for an access amount
equivalent to SDR 7.1557 billion (about US$9.8 billion).

Following the Executive Board's discussion on Colombia, Ms.
Antoinette Sayeh, Deputy Managing Director and Acting Chair, made
the following statement:

"Colombia has very strong economic fundamentals and policy
frameworks anchored by a credible inflation targeting regime,
strong medium-term fiscal framework, flexible exchange rate, and
effective financial sector supervision and regulation. The
authorities remain committed to sustain their track record of very
strong policies and to maintain such policies in the future.

"Appropriately tight macroeconomic policies over the last two years
have allowed for an impressive reduction in Colombia's domestic and
external imbalances. This has improved the resilience of the
Colombian economy, which is further bolstered by the ongoing
program to accumulate further international reserves.

"Going forward, careful normalization of monetary and fiscal
policies and decisive progress on structural reforms are key to
durably eliminate imbalances, reinvigorate investment, diversify
the economy away from fossil fuels, and raise potential growth.

"External risks have moderated but remain high and to the downside.
A global growth slowdown, for example caused by geopolitical
tensions in regions critical to global manufacturing value chains,
could further tighten global financial conditions, disrupt supply
chains, and depress commodity prices, resulting in exchange rate
pressures and costly growth-inflation trade-offs. Uncertainties
about the global outlook and the direction of policies could raise
borrowing costs and undermine already weak private investment.
Climate shocks could exacerbate external risks.

"The new arrangement under the Flexible Credit Line will provide
added insurance against downside external risks and maintain market
confidence. The authorities intend to continue to treat this new
arrangement as precautionary and to further reduce access under the
FCL arrangement, risks permitting, in the context of their gradual
exit strategy."




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Mayors Urged to Embrace Industrial Revolution
-----------------------------------------------------------------
Dominican Today reports that Rafael Santos Badia, the Director
General of the Technical and Vocational Training Institute
(INFOTEP), delivered a lecture entitled "The Fourth Industrial
Revolution and Its Implications for Public Management" to hundreds
of elected mayors from different municipalities across the country.
The mayors were attending the commemorative events of Municipalist
Week, organized by the Dominican Municipal League, according to
Dominican Today.

Santos Badia proposed that mayors align their management with the
advancements of the Fourth Industrial Revolution and promote
technical and vocational training for their constituents, Dominican
Today relays.  He encouraged them to join the initiative to
establish INFOTEP centers in each municipality as a way to
stimulate the local economy, Dominican Today notes.

"Through the use of new technologies, we can collect solid waste
more efficiently, control traffic in cities, monitor people's
safety through smart cameras, control the frequency of services,
manage taxes, and achieve successful management.  All it takes is
two processes: one is to digitally literate the population and the
other is technical and vocational training," he stated, the report
notes.

Dominican Today says that he pointed out that there is an
underutilized figure in Law 176-07 that, if used, could bring about
the transformations demanded by the municipalities.

"This figure is called ‘mancomunidad' which promotes the concept
of joining forces to do the same thing, and the figure of
associationism, which is in the law – let's pool our limited
resources so that together we can solve the big problems – and
this can be done by uniting several municipalities, which would
bring solutions, for example, to the issue of landfills," he
explained, the report relays.

He emphasized that in this way, all personnel will be trained and
qualified in the various areas required through joint training for
the development of technical and vocational training, the report
discloses.

"The social problem in the Dominican Republic will not be solved
with more solidarity cards and more appointments in the
municipalities.  The way to develop our territory is to train
people, attract investment, and develop companies that generate
wealth. When a person earns a salary, they fix their house, buy
clothes for their family, supermarkets come in, and progress
arrives.  This is the miracle of human resource development," he
explained, the report notes.

                  Dominican Municipalist Week

On the occasion of Municipalities Day, the Dominican Municipal
League (LMD) kicked off Dominican Municipalist Week, with the aim
of highlighting the fundamental role of local governments in
promoting development and advancing their institutional
strengthening, the report notes.  The theme of the week will be
"More Capacities for a Local Power at the Service of the People,"
the report discloses.

Dominican Municipalist Week will be held from April 19 to 30,
coinciding with the inauguration of the new elected municipal
authorities (2024-2028), who will receive their certificate of
participation in the National Training Program for Municipal
Authorities, an initiative developed by the Dominican Municipal
League with the support of institutions such as the Technical
Institute for Vocational Training (Infotep) and the University of
the Caribbean (Unicaribe), the report relays.

The event, headed by Victor D'Aza, president of the LMD, Jose
Alejandro Aybar, chancellor of Unicaribe, and Rafael Santos Badia,
director general of INFOTEP, was attended (virtually) by the
Minister of the Presidency Joel Santos, Jesus Vazquez, Minister of
Interior and Police, Dario Castillo, Minister of Public
Administration, Kelvin Cruz, president of Fedomu, the report
discloses.

Also in attendance were international guests Karen Labrador,
director of the Colonia de Bogota, Colombia, Zoila Milagro Navas,
mayor of Antiguo Cuscatlán in El Salvador, the report notes.  Also
present were Maira Morla, deputy general director of INFOTEP,
Briunny Garabito, Dominican ambassador to China, and Altagracia
Tavárez, director of the Municipal Administration program at
UNICARIBE, among others, the report adds.

                   About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.

TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

On December 4, 2023, the TCR-LA reported that Fitch Ratings has
affirmed Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the Outlook to Positive
from Stable. Fitch says the Positive Outlook reflects a trend
improvement in governance, and robust growth prospects that should
lead to continued gains in per capita income.  According to Fitch,
growth has decelerated in 2023, but it expects Dominican Republic
to recover to high levels during 2024-2025. External liquidity
metrics have improved in recent years, and foreign currency share
of government debt is on a downward path.

In August 2023, Moody's Investors Service changed the outlook on
the Government of Dominican Republic's ratings to positive from
stable and affirmed the local and foreign-currency long-term issuer
and senior unsecured ratings at Ba3.  Moody's said the key drivers
for the outlook change to positive  are: (i) sustained high growth
rates have enhanced the scale and wealth levels of the economy; and
(ii) a material decline in the government debt burden coupled with
improved fiscal policy effectiveness will support medium-term debt
sustainability.

The affirmation of the Ba3 ratings balances the Dominican
Republic's strong economic growth dynamics and relatively contained
susceptibility to event risks, with a comparatively weaker fiscal
position, reflecting long-standing credit challenges which include:
(i) a shallow revenue base compared to peers, (ii) weak debt
affordability metrics, and (iii) high exposure to foreign currency
borrowing.

S&P Global Ratings, in December 2022, raised its long-term foreign
and local currency sovereign credit ratings on the Dominican
Republic to 'BB' from 'BB-'. The outlook on the long-term ratings
is stable. S&P affirmed its 'B' short-term sovereign credit
ratings. S&P also revised its transfer and convertibility (T&C)
assessment to 'BBB-' from 'BB+'.  The stable outlook reflects S&P's
expectation of continued favorable GDP growth and policy continuity
over the next 12-18 months that will likely stabilize the
government's debt burden.

In February 2023, S&P said its BB ratings reflect the country's
fast-growing and resilient economy.  It also incorporates the
country's historical political and social challenges in passing
structural reforms to contain fiscal deficits, despite recent
improvements in the electricity sector. The ratings are constrained
by relatively high debt, a hefty interest burden, and limited
monetary policy flexibility.

[] DOMINICAN REPUBLIC: Remittances in 1Q Reaches USD2,635.6M
------------------------------------------------------------
Dominican Today reports that the Central Bank announced that
remittance inflows to the Dominican Republic reached US$2,635.6
million during the first quarter of this year, marking a 6.2%
increase compared to the same period in 2023.

It's evident that at this pace, the Dominican Republic is on track
to surpass US$10,000 million once again in foreign currency
earnings from remittances sent by Dominicans living abroad to their
families and friends here, according to Dominican Today.

However, it's crucial to note a detail when examining individual
monthly figures, the report notes.  According to data from the
Central Bank, remittances grew by 9% in January of this year, and a
similar trend was observed in February, with a growth rate of 9.4%
compared to the same months last year, the report relays.  However,
in March, the growth was only 1.1%, indicating virtually no growth,
the report notes.  Hopefully, this slowdown will not persist in the
upcoming months, the report adds.

                     About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.

TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

On December 4, 2023, the TCR-LA reported that Fitch Ratings has
affirmed Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the Outlook to Positive
from Stable. Fitch says the Positive Outlook reflects a trend
improvement in governance, and robust growth prospects that should
lead to continued gains in per capita income.  According to Fitch,
growth has decelerated in 2023, but it expects Dominican Republic
to recover to high levels during 2024-2025. External liquidity
metrics have improved in recent years, and foreign currency share
of government debt is on a downward path.

In August 2023, Moody's Investors Service changed the outlook on
the Government of Dominican Republic's ratings to positive from
stable and affirmed the local and foreign-currency long-term issuer
and senior unsecured ratings at Ba3.  Moody's said the key drivers
for the outlook change to positive  are: (i) sustained high growth
rates have enhanced the scale and wealth levels of the economy; and
(ii) a material decline in the government debt burden coupled with
improved fiscal policy effectiveness will support medium-term debt
sustainability.

The affirmation of the Ba3 ratings balances the Dominican
Republic's strong economic growth dynamics and relatively contained
susceptibility to event risks, with a comparatively weaker fiscal
position, reflecting long-standing credit challenges which include:
(i) a shallow revenue base compared to peers, (ii) weak debt
affordability metrics, and (iii) high exposure to foreign currency
borrowing.

S&P Global Ratings, in December 2022, raised its long-term foreign
and local currency sovereign credit ratings on the Dominican
Republic to 'BB' from 'BB-'. The outlook on the long-term ratings
is stable. S&P affirmed its 'B' short-term sovereign credit
ratings. S&P also revised its transfer and convertibility (T&C)
assessment to 'BBB-' from 'BB+'.  The stable outlook reflects S&P's
expectation of continued favorable GDP growth and policy continuity
over the next 12-18 months that will likely stabilize the
government's debt burden.

In February 2023, S&P said its BB ratings reflect the country's
fast-growing and resilient economy.  It also incorporates the
country's historical political and social challenges in passing
structural reforms to contain fiscal deficits, despite recent
improvements in the electricity sector. The ratings are constrained
by relatively high debt, a hefty interest burden, and limited
monetary policy flexibility.



=============
J A M A I C A
=============

NCB FINANCIAL: Plans to Raise $5.1 Billion in APO
-------------------------------------------------
RJR News reports that NCB Financial Group is looking to raise about
$5.1 billion via an additional public offer (APO).

The company published the prospectus, disclosing also that the
offer will open on May 6, and should run until May 27, according to
RJR News.

It says 78.5 million new ordinary shares will be on offer, with the
option to upsize to 117.8 million shares, the report notes.

The general pool of shares will be sold at J$65 each, the report
relays.

Some 785,000 shares are being reserved, the report notes.

For the employee reserve pool, those shares will cost J$58.50, the
report discloses.

Investors must purchase a minimum 100 shares, and increments of 10
thereafter, the report says.

The NCB Financial Group says it expects to receive net proceeds
from the APO of about $5.030 billion after the sum to pay
transaction costs is taken into account, the report relays.

The group says it plans to use the funds raised to support a part
of its plan to reallocate capital to reduce debt and bolster the
company's cash flow, the report adds.

The NCB Financial Group Limited is a financial services
conglomerate operating in the Caribbean region and
headquartered in Kingston, Jamaica. NCB Financial Group
Limited is the parent company of the National Commercial
Bank of Jamaica.

As recently reported in the Troubled Company Reporter-Latin
America, Jamaica Observer relayed that the NCB Financial Group is
yet to complete negotiations with its former president and CEO
Patrick Hylton and his deputy, Dennis Cohen, over the settlement in
relation to their separation from the company.  At the centre of
the negotiations is the size of the separation package for the two
men who served the financial conglomerate for the last two decades,
including what value the company should compensate the men for
shares they were asked to surrender in July 2021, according to
Jamaica Observer.  Both men were asked to surrender 95.1 million
shares valued at $13.8 billion at the time with the understanding
that, over time, they would recoup that value, the report noted.
Some were recouped in compensation for both men to the tune of $3.6
billion in the last financial year, the report relayed.




===============
X X X X X X X X
===============

LATAM: Notes Decline of Remote Salaries in the Region
-----------------------------------------------------
Iolanda Fonseca at Rio Times Online reports that remote work has
reshaped the global job scene, yet salaries have decreased across
several sectors despite high hiring rates in 2023.

Data from Deel indicates salary drops in marketing and operations
throughout Asia-Pacific, North America, Europe, and Latin America,
according to Rio Times Online.

Tech roles, like software engineers and data analysts, saw minor
cuts, although some reported salary increases, the report notes.

However, in Latin America, marketing salaries sharply plummeted
from US$40,059 to US$24,292, the report says.

Meanwhile, product development earnings in the region fell from
US$41,863 to US$35,266, the report relays.

In Brazil, consulting wages drastically reduced from US$64,816 to
US$30,709, the report discloses.

However, software engineers in Latin America and Brazil experienced
stable or increasing salaries, contrasting broader trends, the
report relays.

Deel reported a 35% rise in regional hiring, with Argentina,
Brazil, and Colombia at the forefront, the report says.

This salary trend shows a misalignment between job growth and pay,
possibly due to sector saturation or global competitive
adjustments, Rio Times Online discloses.

The report relays that JLL's January 2024 report shows a drop in
remote work popularity, with just 10% adoption in Latin America,
hinting at a return to traditional work setups.

Mercer's report shows 41% of employers are revising policies to
address cybersecurity and interaction needs, favoring hybrid
models, the report note.

Currently, 38% of workers support full-time onsite work, favoring a
mix of remote flexibility and onsite presence, Rio Times Online
says.

Despite this, only 22% of organizations are expanding flexible work
options, indicating a gradual realignment of workplace norms
post-pandemic, the report discloses.

                       A Global Perspective

After the pandemic's surge, Latin America now ranks as the region
with the lowest adoption of remote work, only contributing 10% to
its workforce model, the report notes.

This contrasts sharply with Europe, the Middle East, and Africa
(EMEA), where remote work makes up 29%, outpacing on-site work's
17%, according to a report by the multinational real estate
services firm JLL, Rio Times Online discloses.

Following EMEA, the strongest adopters of remote work are
Asia-Pacific (APAC) at 25% and North America at 24%, as per the
"Future of Work: Work Schemes in Latin America" report, Rio Times
Online relays.

In Latin America, on-site work contributes 19%, but the hybrid
model dominates at 71%, based on JLL's data up to the third quarter
of 2023, Rio Times Online adds.


                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2024.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


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