On Dec. 22, 2014, we lowered our long-term foreign and local currency ratings on El Salvador to 'B+' from 'BB-'. As a result, we are lowering our long-term issuer credit ratings on Banco Agricola and Banco Davivienda. The outlook on these ratings is stable, which reflects our view that the banks ratings will continue to be limited by the foreign currency ratings on El Salvador. On Dec. 23, 2014, Standard&Poor's Ratings Services lowered its long-term issuer credit ratings (ICRs) on the Salvadorian-based commercial banks Banco Agricola S.A. and Banco Davivienda Salvadoreno S.A. to 'B+' from 'BB-'. At the same time, we affirmed our short-term ICRs on the banks at 'B'. The outlook on these entities is stable (see
