Strong business position within Guatemalan financial system as the largest bank. Large and stable deposit base. Strong asset quality and reserve coverage with one of the lowest non-performing loans in the Guatemalan banking system. Capitalization is moderate and getting pressured with loan growth and dividends. Higher level of dollarization on its loan portfolio compared to the Guatemalan banking system. Small size of the economy. The stable outlook on Guatemala-based bank Banco Industrial S.A. (BI) mirrors that on the sovereign. We expect BI to keep its leading position in the Guatemalan banking system, and maintain its moderate capital and earnings during the next 12 to 18 months, while it expands its loan portfolio and boosts internal capital generation. At this point,
