(Editor's note: The version of this analysis published yesterday contained outdated data figures in the Profile and Asset Quality sections. Additionally, table 1 contained incorrect figures. A corrected version follows.) The ratings for Banco Agrfcola S.A. are based on its leading market position in El Salvador, particularly in attracting retail deposits, which contributes to strong liquidity. The bank also has a strong capital base and reasonable earnings. Both Agrfcola and the Salvadoran banking system, however, have experienced a general deterioration in asset quality. Furthermore, the bank's rating is constrained by the relatively small size and limited diversification of El Salvador's economy. Agrfcola has a market share of about 33% in El Salvador in terms of assets, which was boosted by
