Fitch downgrades Agricola, Davivienda Salvadoreno

Fitch Ratings said it downgraded the long-term issuer default ratings for Banco Agricola SA and Banco Davivienda Salvadoreno to BB from BB+ following the downgrade of El Salvador’s long-term rating and country ceiling.

Fitch also took downgraded Banco Agricola’s viability ratings to BB- from BB+ and affirmed its short-term issuer default rating at B.

The agency also said it downgraded Agricola Senior Trust’s loan participation notes to BB from BB+.

The agency also downgraded Banco Davivienda Salvadoreno’s viability rating to B+ from BB- and affirmed its short-term issuer default rating at B.

The agency also said it revised the outlooks on both banks to stable from negative. The outlook revisions mirror the revision of the sovereign outlook, Fitch said.

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