Largest bank in Guatemala, and among the leading franchises in Central America; Diversified, large, and stable deposit base, which represents about 70% of its total funding base; and Strong asset quality metrics, with one of the lowest nonperforming loans (NPL) ratios in Guatemala's banking sector. Still high level of dollarization in the loan portfolio--55% as of September 2019, although decreasing; and Guatemalan banks are still struggling to recover their growth pace after the turbulent political conditions and corruption scandals in the country. Our stable outlook on Banco Industrial S.A. (BI) for the next 12 months mirrors that on the sovereign because it constrains our rating on BI. The outlook also reflects our belief that the entity will maintain its sound
