On Oct. 29, 2004, Standard & Poor's Rating Services affirmed its 'BB/Stable/B' counterparty credit and 'BB/B' CD ratings on Banco Agricola S.A. The ratings are supported by Banco Agricola's leading market position in El Salvador, its diversified loan portfolio, good profitability, and a broad base of retail deposits. These positive factors are balanced by an important amount of restructured loans and foreclosures, future development of the coffee sector, and the relatively small size and limited diversification of El Salvador's economy. Banco Agricola continues to be El Salvador's largest bank, with $2.9 billion in assets and a market share of 30% in deposits as of June 2004. The bank has always focused on the mass market. Banco Agricola wants to consolidate
