Fitch downgrades two El Salvador banks

Fitch Ratings said it downgraded the long-term issuer default ratings of Banco Agricola, SA and Banco Davivienda Salvadoreno, SA to B- from BB-.

The outlooks also were revised to stable from negative.

Fitch also said it downgraded both banks' viability rating to CCC from B and affirmed its short-term issuer default rating at B.

The downgrades follow a similar downgrade of the sovereign ratings of El Salvador, the agency said.

The ratings reflect the potential support from their respective shareholders, Bancolombia, SA and Banco Davivienda, SA, Fitch said.

The ratings also consider El Salvador's country ceiling of B-.

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