Strong market position and good diversification by business activities; Adequate risk-adjusted capitalization; and Adequate asset quality metrics. Poor economic performance of El Salvador in recent years and moderate growth prospects; and Strong competition and uncertain global economic environment. Our negative outlook on El Salvador-based bank Banco Agricola S.A. reflects the outlook on El Salvador (BB-/Negative/B). Given that the ratings on the bank are limited by the foreign currency ratings on El Salvador, a negative rating action on the sovereign will also prompt a similar action on Banco Agricola. Likewise, a positive rating action on the sovereign will lead to an upgrade if the bank's SACP remains at its current level. We believe that a sovereign downgrade is normally associated with,
