We will closely monitor these developments and their potential effects on BIB's business and operating conditions. We also believe that BIB's credit fundamentals will enable it to withstand economic headwinds over the next 12-24 months. Our ratings are bolstered by its robust position as the largest financial conglomerate in Central America, distinguished by extensive geographic and business line diversity, along with a wide-ranging customer base. Its effective strategy, focused on traditional banking operations, supports strong and resilient profits while maintaining healthy asset quality. Furthermore, BIB benefits from a significant and fragmented deposit base, complemented by solid liquidity buffers. Nonetheless, these strengths are moderated by the challenges of operating in a region characterized by fragile institutions, low per-capita income, and sluggish
