On Dec. 21, 2012, we revised the outlook on El Salvador to negative from stable. We are revising our outlooks on El-Salvador based banks, Banco Agricola S.A. and Banco Davivienda Salvadoreno S.A. to negative from stable. The negative outlooks on both banks reflect that of the sovereign. On Dec. 21, 2012, Standard&Poor's Ratings Services revised its long-term outlook on Banco Agricola and Banco Davivienda Salvadoreno to negative from stable. The rating action on both banks follows our outlook revision on El Salvador (please see "Republic of El Salvador Outlook Revised To Negative; 'BB-/B' Ratings Affirmed," published on Dec. 21, 2012 on RatingsDirect). Currently, the issuer credit ratings on both banks are limited by the foreign-currency rating on El
