... S.A.'s (Davivienda Sal) Long-Term IDR and national scale ratings are based on its Shareholder Support Rating (SSR) of `b', which reflects Fitch Ratings' favorable view of its parent's (Banco Davivienda S.A., or Davivienda) ability and propensity to provide timely support to its subsidiary if required. Davivienda's ability to support is mirrored in its `BB+' IDR with Negative Rating Outlook. Country Risks Highly Influence Support: Fitch's evaluation of the parent's ability to provide support is to a large extent impacted by El Salvador's country risk constraints, as reflected in the 'B' Country Ceiling. This takes into account transfer and convertibility risks, and limits Davivienda Sal's Long-Term IDR, which results in a four-notch stepdown from the parent's IDR. However, the bank's Long-Term IDR is two notches above the sovereign's Long-Term IDR, given Fitch's view of Davivienda's commitment to providing support to its subsidiary if...
