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250611.mbx 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 Wednesday, June 11, 2025, Vol. 26, No. 116 Headlines A R G E N T I N A GARRAHAN CHILDREN'S: Threat of Mass Dismissals End Strike YPF SA: To Sign LNG Export Deal With Italy's ENI B R A Z I L BRAZIL: Economy Has Grown Strongly Over Past 3 Years, IMF Says TRANSPORTADORA ASSOCIADA: Moody's Affirms 'Ba1' CFR, Outlook Stable C O L O M B I A COLOMBIA: Faces Political Turmoil After Shooting of Candidate D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Secures Over US$528 Million in Deals G U Y A N A GUYANA: IDB OKs US$350MM Loan to Strengthen Social Safety Net J A M A I C A JAMAICA: Private Sector Must Jointly Develop Policy Measures NCB FINANCIAL: Fitch Assigns B+(EXP) Rating on Sr. Unsecured Notes NCB FINANCIAL: S&P Rates Proposed Senior Unsecured Notes 'B-' - - - - - ================= A R G E N T I N A ================= GARRAHAN CHILDREN'S: Threat of Mass Dismissals End Strike --------------------------------------------------------- Buenos Aires Times reports that a group of medical residents at the Garrahan Children's Hospital in Buenos Aires have ended their strike, alleging they were intimidated and threatened with dismissal if they didn't return to work. Although the protest was called off, the residents made it clear they still stood by their demands and denounced what they described as a campaign of intimidation by hospital authorities and the national government, according to Buenos Aires Times. "We were forced to end the strike," read a statement from the Garrahan Residents' Assembly, which confirmed that paediatrics and related departments had resumed normal duties, the report notes. "This decision does not mean we are abandoning the legitimacy of our claim," they said, adding: "This measure confirms our commitment to our work and to the continuity of the medical residency at Garrahan Hospital," they added. The residents insisted their demands were valid – and accused hospital authorities and the national government of using threats to shut down their protest and fire staff, the report notes. "We received two warnings," they said. "One by email telling us to end the strike to avoid future sanctions. Then a verbal warning about the immediate risk of losing our jobs." The report relays that Dr. Carolina Goedelman, head of haematology at the hospital, said the threat was clear. "First there was word that new paediatricians would be hired to replace the residents," she said. "Then in the afternoon, the residents received telegrams warning that if they didn't end the strike, they could be dismissed." She added: "They were told verbally that dismissal notices were already written and ready to be sent. So the residents called off the protest. They were threatened. Being told you'll be fired is a threat." Permanent staff at Garrahan remain on strike. They want better pay. Staff staged a candlelight march at the Obelisk in central Buenos Aires to draw attention to their demands. 'Political Extortion' President Javier Milei's administration has faced strong criticism for its sweeping "chainsaw" cuts to public spending, not least in healthcare. In recent weeks, the Garrahan – Argentina's leading and most prestigious paediatric hospital – has become a flashpoint, with staff staging walkouts over what they call "unsustainable" working conditions, the report discloses. Government officials have responded by questioning staffing levels at the hospital and blaming internal "bureaucracy" for operational inefficiencies, the report says. Milei's government has also slammed the wider hospital walkout - led by the ATE state workers' union - as a political move, the report relays. ATE launched a national day of protest across the health sector. "The government has no intention of resolving the Garrahan conflict," said union boss Rodolfo Aguiar. "We're going to nationalise the protest and strike across the sector from midnight," he added. The Health Ministry, led by Mario Lugones, responded sharply. "This is not a union action. It is a political extortion disguised as a protest," the portfolio said. "There are no excuses. Health workers who choose not to attend their duties are violating basic obligations. They are putting vulnerable people at risk," he added. It added: "National hospitals are not union battlegrounds. They are places of care, vocation and commitment." At Garrahan, the residents say they haven't received any real pay rise. Their salary remains just under 800,000 pesos a month, the report says. A bonus recently announced by hospital management is non-remunerative, the report notes. It won't count towards pensions, holiday pay or contributions, the report discloses. "Hospital resident doctors will be paid 1.3 million pesos starting from July 1," said the hospital in a communiqué that criticised "slackers" and claimed some workers did not show up to their posts, the report says. Goedelman said the bonus came out of the hospital's own funds. "There was no new budget from the national government," she said. She also criticised the failure of the Labour Ministry's conciliation process, the report relays. "There was nobody from the Health Ministry there, the actual employer. And those who came had no authority to talk about the budget. We left empty-handed." The report notes she warned of a coming exodus. "If nothing improves, professionals will leave. These are highly trained staff. Losing them would be a huge blow." YPF SA: To Sign LNG Export Deal With Italy's ENI ------------------------------------------------ Buenos Aires Times reports that state-run energy company YPF will sign an agreement with Italian energy firm ENI for the export of liquefied natural gas (LNG) to Italy, company president Horacio Marín said on June 4. Italy, like other European countries, has sought new sources of energy around the world following the conflict between Russia and Ukraine, according to Buenos Aires Times. The agreement will be signed during an official visit to Rome by Argentina's President Javier Milei, who is due to meet with Italian Prime Minister Giorgia Meloni, the report discloses. According to Marín, the deal is a preliminary export agreement ahead of a final commitment expected by the end of the year. He confirmed the news during an energy conference hosted by the Ámbito media outlet, the report relays. The contract will cover the export of 50 million cubic metres of LNG, which will be transported using "two ships, each with a capacity of six million tonnes – the largest vessels of their kind currently under construction in the world," Marín said, the report notes. In April, YPF and ENI had already signed a memorandum of understanding to explore cooperation on the Argentina LNG project, the report says. The project aims to develop the vast shale gas reserves of Vaca Muerta, one of the world's largest unconventional hydrocarbon deposits, spanning some 30,000 square kilometres across four provinces in central and southern Argentina, the report discloses. Before the war in Ukraine, Russia supplied nearly 40 percent of the gas consumed in Italy, mostly via pipelines through Ukraine, according to a study by the Brookings Institution think tank, the report notes. In the first quarter of 2021, 47 percent of Europe's gas imports came from Russia, the report relays. Since then, European countries have imposed a series of sanctions on Russian firms and are weighing additional measures targeting the country's critical energy sector, the report adds. About YPF SA YPF SA, an energy company, engages in the oil and gas upstream and downstream activities in Argentina. Its upstream operations include the exploration, exploitation, and production of crude oil, and natural gas. The company's downstream operations include petrochemical production and crude oil refining; transportation and distribution of refined and petrochemical products; commercialization of crude oil, petrochemical products, and specialties. As reported in the Troubled Company Reporter-Latin America in January 2025, Fitch Ratings affirmed YPF S.A.'s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'CCC'. Additionally, Fitch has affirmed YPF's outstanding senior unsecured notes at 'CCC' with Recovery Rating of 'RR4'. The company's Standalone Credit Profile (SCP) remains 'b', and its ratings are aligned with Fitch's "Government Related Entities Criteria," reflecting government ownership and strategic importance. =========== B R A Z I L =========== BRAZIL: Economy Has Grown Strongly Over Past 3 Years, IMF Says -------------------------------------------------------------- An International Monetary Fund (IMF) team, led by Daniel Leigh, conducted discussions for the 2025 Article IV Consultation with the Brazilian authorities and consulted with other stakeholders during May 20 – June 2, 2025. At the conclusion of the visit, Mr. Leigh issued the following statement: "Brazil's economy has grown strongly over the past three years, surprising on the upside. Staff projects a moderation in growth from 3.4 percent in 2024 to 2.3 percent in 2025, amid tight monetary and financial conditions, a scaling back of fiscal support, and heightened global policy uncertainty. Inflation is expected to reach 5.2 percent by end-2025, before gradually converging to the 3 percent target by end-2027. The external current account deficit reached 2.8 percent of GDP in 2024, on the back of strong exports and rising imports due to stronger economic activity. "Over the medium term, growth is forecasted to recover to 2.5 percent, supported by the normalization of monetary policy and supportive structural factors, notably the implementation of the efficiency-enhancing VAT reform and the acceleration in hydrocarbon production. Additional structural reforms and implementation of the Ecological Transformation Plan would further boost medium-term growth prospects. "Risks to the growth outlook are tilted to the downside amid heightened global policy uncertainty. A sound financial system, adequate FX reserves, low reliance on FX debt, large government cash buffers, and a flexible exchange rate continue to support Brazil's resilience. "The Central Bank of Brazil's (BCB) pivot to a tightening cycle in September 2024 was appropriate and consistent with bringing inflation and inflation expectations back to the 3 percent target. Above-target near- and medium-term inflation expectations, as well as a widening positive output gap, supported the case for the BCB's rate hikes. In the context of heightened global policy uncertainty and inflation expectations above target-consistent levels, maintaining flexibility on the pace and length of the hiking cycle is prudent. "The authorities' efforts to continue improving the fiscal position, while trying to meet social spending and investment needs, are welcome and further steps are warranted. To put public debt on a firmly downward path, open space for priority investments, and facilitate a lower path of interest rates, staff recommends a sustained and more ambitious fiscal effort, supported by an enhanced fiscal framework, revenue mobilization, and spending measures. Implementation of the landmark 2023 VAT reform is expected to significantly simplify the tax system and boost productivity, and efforts rightly aim to secure revenue-neutrality. "The financial sector was resilient in 2024 and is expected to remain so amid higher interest rates. The authorities are implementing regulatory changes aimed at further strengthening financial sector resilience. Reforms to facilitate a reduction in household leverage are needed. At present, public banks appear well-capitalized, profitable, and liquid, and have been paying dividends to the government. Lending by public banks should continue to focus on addressing market failures, such as supporting long-term investment. "The BCB continues to advance its financial innovation agenda. Pix, the instant payment system developed by the BCB, now accounts for 49 percent of all electronic payments in Brazil—the most popular method, reflecting its low costs and immediate settlement. The pilot of Brazil's Central Bank Digital Currency, Drex, has entered the second phase, where additional use cases and integration with external platforms will be tested and enhanced, while continuing to explore data privacy solutions. "The authorities are delivering on their inclusive and sustainable growth agenda. Structural reforms together with expanding hydrocarbon production have lifted Brazil's medium-term growth prospects. Additional structural reforms and implementation of the Ecological Transformation Plan would further foster productivity, investment, and job-rich growth, while extending recent gains in social inclusion. Brazil has made notable progress in reducing deforestation in recent years and is on track to meet its Nationally Determined Contribution (NDC) targets. "The team would like to thank the authorities and private sector representatives for their support, hospitality, and constructive dialogue." 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. In October 2024, Moody's Ratings upgraded the Government of Brazil's long-term issuer and senior unsecured bond ratings to Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2; and maintained the positive outlook. S&P Global Ratings raised on Dec. 19, 2023, its long-term global scale ratings on Brazil to 'BB' from 'BB-'. Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. DBRS' credit rating for Brazil was last reported at BB with stable outlook at July 2023. TRANSPORTADORA ASSOCIADA: Moody's Affirms 'Ba1' CFR, Outlook Stable ------------------------------------------------------------------- Moody's Ratings has affirmed the Corporate Family Rating assigned to Transportadora Associada de Gas S.A. (TAG) at Ba1. The outlook was changed to stable from positive. The rating action follows Moody's decision to affirm the Ba1 rating assigned to Petroleo Brasileiro S.A. – PETROBRAS (Petrobras) and change the outlook to stable from positive on June 2, 2025. RATINGS RATIONALE The affirmation of TAG's Ba1 rating reflects its leading position in Brazil's gas transportation, its modest leverage and robust margins supported by stable and predictable cash flows arising from its long-term, availability-based tariff contracts. This business profile coupled with a moderate leverage have produced FFO/debt around 27.9% and interest coverage ratio ([FFO + interest]/interest) around 3.5x, as of December 2024, which compare favorably with its regional and global peers. Overall, TAG's strong credit quality suggests the potential for a higher rating, but Moody's considers its rating to be currently constrained by the direct and indirect credit linkages to Petroleo Brasileiro S.A. - PETROBRAS (Ba1 stable), as the primary shipper. The strength of the guarantees embedded in contractual framework for its Gas Transportation Agreements (GTAs) partially mitigate counterparty risks. Sovereign links are also present given the company's local revenue generation and regulated business nature, therefore exposed to potential policy shifts and interference from the Government of Brazil (Ba1 stable). The evolving nature of the regulatory framework for gas transportation in Brazil and TAG's need for re-contracting volumes starting in 2026 present some degree of uncertainty. The company operates its liabilities efficiently, but returns all excess cash to its shareholders as dividends, turning debt repayment at times more dependent on periodic cash generation leaving little liquidity room for shocks. However, these risks are somewhat mitigated by the strong and recurring cash generation, as well as the solid profile of the shareholders that could provide support, in case of need. The stable outlook on TAG's rating is aligned with that of Petrobras' Corporate Family Rating and reflects the likelihood that TAG's rating is limited to the rating of Petrobras. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING An upgrade of Petrobras' rating would result in an upgrade of TAG's rating. A rating upgrade would also factor in the company's ability to re-contract volumes expiring in 2025 at prices that are in line with or better than Moody's rating assumptions, while maintaining FFO/debt above 18% and interest coverage ratio above 4.0x. A rating downgrade would result from a deterioration in PETROBRAS' credit quality, unfavorable changes in the contractual guarantees, or adverse shifts in Brazil's regulatory environment. Weaker shareholder support, illustrated by higher-than-expected dividend distributions or declining liquidity, would also increase negative rating pressure. Moody's would consider downgrading the rating if TAG's FFO/debt remains below 15% and interest coverage ratio ([FFO + interest]/interest) stays below 3.7x, both on a sustained basis. Based in Rio de Janeiro, Brazil, TAG specializes in transporting natural gas via an extensive network of gas pipelines. It owns and operates the largest gas pipeline network in Brazil, spanning 4,500 kilometers (km) (47% of Brazil's total gas pipeline network). This network extends across the North, Northeast and Southeast regions, traversing roughly 200 municipalities within 10 states. A significant portion of the company's pipelines, around 3,700 km, is strategically positioned along Brazil's coastline, crossing states from Ceará to Rio de Janeiro. The remaining 800 km is situated in the state of Amazonas, forming a crucial connection from Urucu to Manaus. The principal methodology used in this rating was Natural Gas Pipelines published in April 2024. =============== C O L O M B I A =============== COLOMBIA: Faces Political Turmoil After Shooting of Candidate ------------------------------------------------------------- Juan Martinez at Rio Times Online reports that Colombian authorities confirmed on June 7, 2025, that Senator Miguel Uribe Turbay, a leading contender for the 2026 presidential election, remains in critical condition after a shooting at a campaign event in Bogota. The attack occurred in the Fontibón area, where Uribe addressed a crowd in a public park, according to Rio Times Online. Official sources state that a 15-year-old suspect shot Uribe twice in the head and once elsewhere while he spoke to supporters, the report notes. Security personnel at the event immediately apprehended the suspect, who also suffered a leg injury during the incident, the report relays. Two other individuals sustained injuries. Authorities have not released details about their conditions. Uribe's wife, Maria Claudia Tarazona, reported that he is "fighting for his life" at the Santa Fe Foundation hospital, where he is undergoing neurosurgical and vascular procedures, the report discloses. The Colombian government has offered a reward of approximately $730,000 for leading to the identification of those behind the attack, the report says. Uribe, 39, represents the conservative Democratic Center party, founded by former President Álvaro Uribe. He is not related to the former president. Uribe's family has a history marked by violence; his mother, journalist Diana Turbay, was kidnapped and killed in 1991 during a rescue attempt after being abducted by Pablo Escobar's Medellín cartel. His grandfather, Julio César Turbay, served as Colombia's president from 1978 to 1982. The attack drew swift condemnation from President Gustavo Petro, who called it an assault on democracy and ordered a thorough investigation, the report relays. Petro canceled a planned trip abroad to address the crisis and emphasized the need to find both the shooter and any masterminds behind the act, the report notes. U.S. Secretary of State Marco Rubio also condemned the attack, urging the Colombian president to protect public officials and moderate political rhetoric, the report discloses. Colombia has a long history of political violence, with frequent attacks on public figures, the report says. The country's security forces, including the police and military, have pledged to use all available resources to solve the case, the report relates. The motive for the attack remains unclear, and authorities continue to investigate possible security lapses, the report notes. The incident underscores ongoing security challenges in Colombia and raises concerns about the safety of political candidates ahead of the 2026 presidential election, the report discloses. Business leaders and investors will closely watch how the government addresses these challenges, as political stability remains crucial for Colombia's economic prospects, the report adds. As reported in the Troubled Company Reporter in August 2024, Fitch Ratings has affirmed Colombia's Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB+' with a Stable Rating Outlook. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Secures Over US$528 Million in Deals -------------------------------------------------------- Dominican Today reports that the Dominican Republic reaffirmed its leadership in Caribbean agricultural exports by closing over US$528.6 million in deals during the 2025 Agribusiness Fair (Agroalimentaria), organized by the Dominican Agribusiness Board (JAD) and the Export and Investment Center (ProDominicana). This record figure marks a 28.9% increase compared to the previous edition, making this the most successful fair to date, according to Dominican Today. Held with the participation of 160 national and 200 international companies, the event attracted 200 buyers from 33 countries, underscoring global interest in Dominican agri-food products, the report notes. Among the countries generating the highest business volumes were Aruba (US$98.6M), the United States (US$63.3M), and Puerto Rico (US$60.3M), followed by Antigua and Barbuda, Spain, Cuba, the Netherlands, and Guadeloupe, the report relays. Top-performing product categories included fruits (US$236.2M), vegetables (US$94.9M), eggs and dairy (US$34.1M), tobacco (US$28.3M), and coffee (US$25.4M), among others, the report discloses. JAD president Osmar Benítez praised the strong representation of Dominican producers and exporters, highlighting their role in demonstrating the country's agricultural potential to international markets, 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. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. =========== G U Y A N A =========== GUYANA: IDB OKs US$350MM Loan to Strengthen Social Safety Net ------------------------------------------------------------- The Inter-American Development Bank (IDB) Board of Executive Directors has approved a US$350 million policy-based loan to Guyana, underpinning the country's ongoing efforts to modernize and expand its social-protection systems. In approving this second and final operation in a programmatic series (the first of which was co-financed with Global Affairs Canada), the IDB recognizes Guyana's strong macroeconomic performance and its commitment to inclusive social reform. The loan will support the Ministry of Human Services and Social Security (MHSSS) in enhancing the efficiency and reach of its social safety net, with a focus on digital transformation, inclusion, and empowerment of vulnerable groups. Key components of the program include: -- Digital Transformation of Social Services: Streamlining and digitalizing MHSSS processes to reduce transaction costs and improve service delivery for beneficiaries. -- Enhanced Senior Citizens' Pension Program: Supported over 82,000 senior citizens expanded access to electronic payment systems. -- Expanded Public Assistance for Persons with Disabilities: Increasing the coverage of the Public Assistance program, which has already supported more than 6,000 individuals with disabilities. -- Growth of the Learning Lab: Scaling up training programs that equip persons with disabilities with employability skills, adaptive living techniques, and tools for improved quality of life. -- Women's Economic Empowerment: Expanding the Women's Innovation and Investment Network (WIIN) Business Clinic to provide women with training in business management, legal literacy, and access to funding. -- Support for Survivors of Gender-Based Violence: Strengthening the Survivors Advocates program and the Counter Trafficking in Persons Unit to provide comprehensive support to survivors. -- National Action Plan Against Human Trafficking: Supporting the development of a coordinated, inter-institutional strategy to combat human trafficking. These initiatives, launched in 2023, reflect a holistic approach to social protection, targeting the most disadvantaged and underserved populations in Guyana. The IDB loan features a 20-year amortization period, a 5.5-year grace period, a one-year disbursement window, and a SOFR-based interest rate. This operation showcases the IDB's commitment to supporting Guyana's social development agenda that provides opportunities for all and building a more resilient society. ============= J A M A I C A ============= JAMAICA: Private Sector Must Jointly Develop Policy Measures ------------------------------------------------------------ RJR News reports that Chief Executive Officer of Barita Investments, Ramon Small-Ferguson, says although the debt to GDP ratio has fallen to 68%, the Jamaican government and the private sector need to collaborate to develop a set of policy measures to drive investments in the real sectors of the economy. He argues that it is the absence of these measures that is leading to the steep fall in aggregate demand or total spending and by extension corporate profits, according to RJR News. Barita's profit tumbled by 55% to $625.7 million during the second quarter of this year compared with a similar period last year, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. NCB FINANCIAL: Fitch Assigns B+(EXP) Rating on Sr. Unsecured Notes ------------------------------------------------------------------ Fitch Ratings has assigned an expected 'B+ (EXP)' Long-Term rating to NCB Financial Group Limited's (NCBFG) proposed senior unsecured notes. The U.S. dollar-denominated issuance amount, rate and tenor are yet to be determined. NCBFG will use the net proceeds to redeem part of its remaining outstanding notes and for general corporate purposes. The final rating is contingent upon the receipt of final documents conforming to information already received. Key Rating Drivers NCBFG's senior unsecured notes are rated at the same level as its Long-Term Issuer Default Rating (IDR; B+/Positive), as the likelihood of default for the notes matches that of the holding company. The notes will constitute NCBFG's direct, unsecured, unsubordinated and senior obligations and rank pari passu in right of payment with other existing and future unsecured and unsubordinated obligations. NCBFG's ratings are based on the creditworthiness of its main subsidiary National Commercial Bank Jamaica Limited (NCBJ; BB-/Positive), which is the largest bank in the country and represents 53% of the group's consolidated assets. NCBFG's income is mainly derived from dividend income from its subsidiaries, followed by management fees and interest income. For more details on NCBFG, see "Fitch Affirms NCBJ at 'BB-'; Affirms NCBFG at 'B+'; Outlook Positive," published March 6, 2025. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - NCBFG's senior unsecured debt ratings are directly linked to the holding's Long-Term IDR. Any negative rating action on the IDR will result in a similar rating action on these debt ratings. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - NCBFG's senior unsecured debt ratings are directly linked to the holding's Long-Term IDR. Any positive rating action on the IDR will result in a similar rating action on these debt ratings. Public Ratings with Credit Linkage to other ratings NCB FG senior unsecured debt EXP rating is rated at the same level as the holding's LT IDR. Holding's IDR is based on creditworthiness of its main subsidiary, National Commercial Bank of Jamaica Limited. ESG Considerations Not applicable. Entity/Debt Rating ----------- ------ NCB Financial Group Limited senior unsecured LT B+(EXP) Expected Rating NCB FINANCIAL: S&P Rates Proposed Senior Unsecured Notes 'B-' ------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating to NCB Financial Group Ltd.'s (NCBFG; B-/Stable/B) proposed senior unsecured medium-term notes. S&P said, "Our issue rating on the notes is at the same level of the issuer credit rating on NCBFG because of the notes' seniority. The proceeds of the issuance will be used for general corporate purposes, including the refinancing of existing debt. We don't expect the issuance to change our view of the entity's funding profile." The issuer credit rating on NCBFG is two notches below its 'b+' group credit profile (GCP) because of the structural subordination of the nonoperating holding company (NOHC)'s creditors to obligations held by the group's operating entities, and the NOHC's reliance on dividend distributions from its subsidiaries to meet its obligations. NCBFG is a leading player in the Jamaican financial industry with a wide revenue base and good earnings prospects. The company benefits from business and geographic diversification. It offers a variety of banking operations through its direct bank subsidiaries, National Commercial Bank Jamaica Ltd. (BB-/Stable/B) and Clarien Group Ltd. (not rated), domiciled in Jamaica and Bermuda, respectively. In addition, the group has insurance operations through its Trinidad and Tobago-based subsidiary Guardian Holdings Ltd. (not rated). ********* 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 2025. 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. 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