Fitch Affirms Banco Agricola's Ratings.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has affirmed Banco Agricola's ratings as follows: -- Long-term foreign currency 'BB', Outlook Stable; -- Short-term foreign currency 'B'; -- Individual 'D'; -- Support '5'. Banco Agricola's ratings consider its dominant market position in El Salvador El Salvador (ĕl sälväthōr`), officially Republic of El Salvador, republic (2005 est. pop. 6,705,000), 8,260 sq mi (21,393 sq km), Central America. and its broad and diversified retail deposit base and loan portfolio. The ratings also reflect the bank's tight capital levels in view of El Salvador's difficult operating environment, relatively low profitability and still high, although improving, levels of impaired, restructured, and foreclosed assets. Banco Agricola is El Salvador's largest bank, with a market share of 28% in terms of assets and deposits at the end of June 2005. Founded in 1955, Agricola is part of one of the largest financial groups in Central America, with assets of US$3.2 billion at the end of June 2005. Banco Agricola is held by Inversiones Financieras Banco Agricola (IFBA IFBA International Female Boxers Association IFBA International Fire Buff Associates IFBA International Federation of Broomball Associations IFBA Integral Fuel Burnable Absorber IFBA Iowa Farm Business Association IFBA Independent Food Brokers of America ) which controls 88% of the bank. Additionally, IFBA owns majority stakes in subsidiaries involved in the insurance, stockbrokerage, and pension fund management sectors. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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