Strong business position as the largest bank within the Guatemalan financial system; Large and stable deposit base; and Strong asset quality and reserve coverage with one of the lowest non-performing loans in the system. Moderate Capitalization pressured by loan growth and dividends; Greaterdollarization in its loan portfolio compared to the Guatemalan banking system; and Still developing financial system. The stable outlook on Guatemala-based bank Banco Industrial S.A. (BI) mirrors that on Guatemala. We also expect BI to maintain its leading position in the Guatemalan banking system and its moderate capital and earnings during the next 12 to 18 months, due to expected loan portfolio growth and internal capital generation. Given that the ratings on BI are constrained by the foreign
