...Strong Local Franchise: Despite the challenging operating environment, Banco Agricola, S.A.'s (Agricola) robust capitalization and an ample and diversified deposit base highly influence its viability rating (VR) and issuer default ratings (IDRs). The ratings also consider Agricola's strong franchise, sound and stable profitability and good asset quality. Additionally, the bank's performance has shown a proven resilience to downturns in economic cycles. Robust Capitalization: Agricola's consistently robust capital base has benefited from its low balance sheet growth and sound profitability over the past five years. This has been reflected in the bank's Fitch Core Capital which has surpassed 18% of risk weighted assets over the same period. In Fitch's view, Agricola's overall loss-absorption capacity will remain sound and above that of its peers over the medium term. Ample and Diversified Deposits: Agricola's large customer base is reflected in its diversified and stable funding derived from...
