Leading market position in the Salvadorian banking system and good diversification by business activities; Adequate risk-adjusted capitalization supported by its earnings capacity; and Adequate funding profile supported by its diversified deposit base. Strong competition within the Salvadorian banking system which could pressure profitability; and Poor economic performance persists in the country with moderate medium-term growth prospects. Our negative outlook on Banco Agricola reflects the outlook on El Salvador. Given that the ratings on the bank are limited by the foreign currency ratings on El Salvador (BB-/Negative/B), a negative rating action on the sovereign will also prompt a similar action on Banco Agricola. Likewise, if were to revise our outlook on El Salvador to stable from negative, we would revise the
