Standard&Poor's Ratings Services' ratings on El Salvador-based Banco Agrícola S.A. reflect the country's relatively small size with minimal growth prospects, and strong competition within the banking system. However, Agrícola's efficient strategy, reflected in a strong market position with good profitability and adequate asset quality, support the rating. The global recession hit El Salvador hard, especially because of the effects from the U.S., is its main trading partner and source of important family remittances. Falling consumption, lower investments, and lower exports resulted in a real GDP contraction of 3.3% in 2009. The economic activity is still struggling but started to recover gradually in 2010. The relatively small size of the country and its minimal economic growth are reflected in
