El Salvador-based commercial bank, Banco Agricola S.A., has posted resilient financial performance during 2021, despite the country's economic and political turbulence. The bank maintained its leading position in the Salvadorian banking system in terms of loans and deposits, with diversified business activities and steady operating revenue. We expect these trends to remain despite challenging business conditions in El Salvador. We affirmed our 'B-/B' issuer credit ratings on Banco Agricola. The negative outlook on the bank reflects the one on the sovereign and incorporates at least one-in-three chance of a downgrade in the next 6-18 months. The outlook on Banco Agricola reflects a potential deterioration in the country´s macroeconomic conditions that could harm bank's liquidity. On Jan. 26, 2022, S&P Global
