...Bancolombia's Support Drives IDR: Banco Agricola's `B' Long-Term Issuer Default Rating (IDR) reflects the potential support from its parent Bancolombia, S.A. Fitch's assessment of Bancolombia's propensity to support Agricola mainly reflects that any required support would likely be manageable, while a default by the subsidiary would constitute high reputational risk for the parent. Agricola's IDR is constrained by El Salvador's Country Ceiling of `B', which captures transfer and convertibility risk and caps the IDR. Operating Environment Constrains VR: El Salvador's operating environment has a significant influence on Agricola's Viability Rating (VR). In addition to the country's GDP per capita and World Bank Ease of Doing Business ranking, the operating environment reflects the sovereign rating (B¡/Stable), as well as the nation's economic prospects and evolving regulatory framework. Strong Local Franchise: Agricola's strong franchise in the local market and solid financial profile moderately...
