El Salvador-based commercial bank, Banco Agricola, has maintained its leadership in the Salvadorian banking system in terms of loans and deposits, with diversified business activities thanks to its growing deposit base (mostly retail depositors). We still consider Banco Agricola a core subsidiary of its ultimate parent, Colombia-based universal bank, Bancolombia, S. A. y Companias Subordinadas. We're affirming our 'B-/B' issuer credit ratings on Banco Agricola. The stable outlook on Banco Agricola reflects our view of improving operating conditions for the bank since El Salvador may not face a short-term payment crisis. On April 30, 2018, S&P Global Ratings affirmed its 'B-/B' issuer credit ratings on Banco Agricola S.A. The outlook remains stable. The ratings on Banco Agricola are supported by
