...Support-Driven IDRs: The issuer default ratings (IDRs) and support rating of Banco Davivienda Salvadoreno, S.A. (Davivienda Sal) reflect the likelihood of support from its main shareholder, Colombian Banco Davivienda, S.A. (Davivienda; BBB-/Stable/bbb-). Strategically Important: Along with Davivienda's other regional subsidiaries, Davivienda Sal is strategically important to its parent (see Fitch's criteria report "Rating FI Subsidiaries and Holding Companies," dated August 2012). This view is premised on Davivienda fostering expansion and diversification in Central America, and implementing a well-balanced business plan that would contribute to the consolidated operation. Fitch Ratings expects the subsidiaries to provide recurring and meaningful revenues to the consolidated entity over the medium term. Support would be forthcoming to protect against reputational risk from the shared franchise and commercial name. Moderate Domestic Franchise and Market Share: Davivienda Sal's viability...
