El Salvador-based Banco Agricola is the largest bank in the country with a well-diversified deposits base, good asset quality metrics, and adequate risk-adjusted capitalization. Banco Agricola is a "highly strategic" subsidiary of its ultimate parent, Bancolombia S.A. y Companias Subordinadas. We are affirming our 'B+/B' issuer credit ratings on Banco Agricola. The stable outlook reflects our expectation that the bank's strong business position and adequate capitalization levels will keep supporting its stand-alone credit profile (SACP). On July 6, 2015, Standard&Poor's Ratings services affirmed its 'B+' long-term and 'B' short-term issuer credit ratings (ICRs) on Banco Agricola S.A. The outlook remains stable. The ICRs on Banco Agricola continue to reflect its "strong" business position, "adequate" capital and earnings, "adequate"
