El Salvador-based commercial bank, Banco Agricola, maintains its sound market position in the country with diversified business activities thanks to its large deposit base that's mostly composed of retail depositors and solid market share in terms of deposits and loans. We still consider Banco Agricola as a core subsidiary to its ultimate parent company, Colombia-based universal bank, Bancolombia, S. A. y Companias Subordinadas. Despite the current government credit stress, we're affirming our 'B-/B' issuer credit ratings on Banco Agricola because we don't believe it's currently vulnerable or dependent upon favorable business, financial, and economic conditions to meet its financial commitments during the next 12 months. The negative outlook on the bank for the next 12-24 months reflects that if the
