S&P reviews Banco Agricola

S&P said it placed its B+ long-term and B short-term issuer credit ratings on Banco Agricola SA on CreditWatch with negative implications.

The CreditWatch placement follows a similar rating action on El Salvador on Oct. 6.

Currently, the issuer credit rating on Banco Agricola is limited by the foreign-currency rating on El Salvador. In this sense, the ratings continue to move in tandem with those of the sovereign, the agency said.

"Our issuer credit ratings on Banco Agricola continue to reflect its strong business position, based on its leading position in El Salvador's banking industry, and its adequate capital and earnings as a result of our forecasted risk-adjusted capital ratio of about 8% for the next two years," S&P credit analyst Gabriela Langarica said in a news release.

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