On Oct. 6, 2016, we placed our ratings on El Salvador on CreditWatch with negative implications based on the heightened political polarization on fiscal policy and pension reform that has increased concerns about the government's access to liquidity and its ability to contain its debt burden. We are placing our 'B+' long-term issuer credit rating and 'B' short-term issuer credit rating on El Salvador-based bank Banco Agricola on CreditWatch with negative implications. The CreditWatch placement reflects that of the sovereign. We expect to resolve the CreditWatch placement by the end of this year. On Oct. 7, 2016, S&P Global Ratings placed its 'B+' long-term and 'B' short-term issuer credit ratings on Banco Agricola on CreditWatch with negative implications. The CreditWatch
