Fitch affirms Banco HSBC Salvadoreno

Fitch Ratings said it affirmed Banco HSBC Salvadoreno's long-term issuer default rating at BBB-, short-term issuer default rating at F2, national scale rating at AAA(slv) and national scale short-term rating at F1+(slv).

The outlook is negative.

The ratings are driven by the high probability that the bank would receive support from its highly-rated parent, HSBC Holdings, if needed, Fitch said.

The ratings also consider its reasonable loss absorption capacity, growing delinquency and the adverse economic outlook, the agency said, as well as the downward trend recently seen in core earnings.

The ratings are constrained by El Salvador's country ceiling at BBB-.

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