AWARDS: Bank of the Year El Salvador

AWARDS: Bank of the Year El Salvador

Corporate & Sovereign Strategy El Salvador

It has not been a good year for El Salvador’s banking sector. Profits are down across the board, and credit ratings have fallen in tandem with the country’s sovereign ratings. In August, after Moody’s dropped El Salvador’s sovereign bond rating to B1, the rating agency said Banco Agrícola showed consistent profits and ample liquidity but it could not rate the bank higher than the government. Moody’s cut Banco Agrícola’s ratings to Ba2 from Ba1 but added that the bank could count on support from its parent company, Bancolombia, if needed. Fitch Ratings, however, kept Banco Agrícola’s ratings at BB with a stable outlook, saying the bank generated solid revenues for Bancolombia and served as a

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