El Salvador-based Banco Agricola maintains its leading position in the country, with adequate credit quality, risk-adjusted ratios, and earnings. We are affirming our 'BB-/B' issuer credit ratings on Banco Agricola. The negative outlook on Banco Agricola reflects the outlook on El Salvador and the possibility of the bank's downgrade if we lower the rating on the sovereign. We expect Banco Agricola to remain a highly strategic subsidiary of Bancolombia S.A. y Companias Subordinadas. On July 16, 2013, Standard&Poor's Ratings Services affirmed its 'BB-' long-term and 'B' short-term issuer credit ratings (ICR) on Banco Agricola S.A. The ratings on Banco Agricola reflect our view of its "strong" (as our criteria define the term) business position, "adequate" capital and earnings,
