El Salvador-based Banco Agricola's strong business position, above-average diversification by business activities, and strong risk-adjusted capitalization support the ratings. We are affirming our 'BB-/B' issuer credit ratings on the bank. The stable outlook reflects our expectation that its leading position in El Salvador and strong capitalization levels will keep supporting Banco Agricola's stand-alone credit profile. On Dec. 5, 2012, Standard&Poor's Ratings Services affirmed its 'BB-' long-term and 'B' short-term issuer credit ratings (ICR) on Banco Agricola. The bank's stand-alone credit profile (SACP) remains at 'bbb-'. The ratings on Banco Agricola reflect our view of its "strong" (as our criteria define the term) business position, "strong" capital and earnings, "adequate" risk position, and its "average" funding and "adequate" liquidity.
