Fitch affirms Banco Agricola

Fitch Ratings said it affirmed Banco Agricola's long-term issuer default rating at BB+ with a negative outlook, short-term issuer default rating at B, national scale long-term rating at AA+(slv) with a stable outlook, national-scale short-term rating at F1+(slv), national scale rating for local issues of senior unsecured debt at AA+(slv) and national scale rating for local issues of senior secured debt at AAA(slv).

The ratings are underpinned by the bank's relatively sound financial condition, Fitch said, and is not constrained by El Salvador's sovereign rating.

The ratings also reflect its robust franchise, resilient operating profitability and improved loss-absorption capacity, the agency said, but also consider the challenges from the currently adverse economic conditions.

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