Highly diversified by country, businesses, and customers, allowing us to rate the bank above the sovereign rating on Costa Rica (B/Stable/B), to which the bank is highly exposed. The largest financial conglomerate in Central America, and a leading player in the consumer lending sector. Well-executed strategy, with a strong track record of delivery across economic cycles. Stable and fragmented deposit base with manageable short-term financial obligations. Central America's fragile institutions, low per capita income, and lackluster growth limit the bank's growth prospects. The U.S. economic deceleration, along with high inflation and increasing interest rates, could dent companies and households' debt capacity, setting pressure on the bank's asset quality. The stable outlook primarily reflects our expectation that BIB will maintain its
