The ratings on Guatemala-based universal bank Banco Industrial S.A. reflect its leading market position in Guatemala. The bank's risk-adjusted capitalization levels are moderate, while its above average exposure to foreign currency loans will remain visible in a moderate risk position. We are affirming our long-term 'BB' ratings and our short-term 'B' rating on the company. The outlook is stable. The stable outlook reflects our expectation that the bank will maintain its strong position in Guatemala, with moderate and stable risk-adjusted capitalization levels, supported by a capital injection and lower dividend payout ratio. On Feb. 19, 2016, Standard&Poor's Ratings Services affirmed its long- and short-term issuer credit ratings on Guatemala-based Banco Industrial S.A. (BI) at 'BB' and 'B', respectively.
