...Bancolombia's Support Drives IDR: Banco Agricola's (Agricola) IDR of `B' is above El Salvador's sovereign rating, reflecting the ability and propensity of its shareholder, Bancolombia, S.A. (Bancolombia; long-term IDR `BBB'/Stable) to support it. However, Agricola's IDR is constrained by El Salvador's country ceiling of `B', which according to Fitch Ratings' criteria, captures transfer and convertibility risks and caps the subsidiary's IDR at a rating below those that would be possible based on Bancolombia's ability and propensity to provide support. Manageable Support Cost: Fitch's opinion on Bancolombia's propensity to support its subsidiary mainly takes into account that any required support would likely be manageable relative to the parent's ability to provide it and that Agricola's default would constitute huge reputational risk and materially damage its franchise. Relevant Role in Group: Fitch views Agricola as a key and integral part of Grupo Bancolombia's business. Agricola contributes...
