Negative Perspective on Salvadorian Banks

Fitch changed its long term perspective rating from "stable" to "negative" for the banks Agricola, HSBC, and Scotiabank in El Salvador

Wednesday, June 24, 2009

The reason for this change is the current "negative" perspective for the sovereign rating for the Republic of El Salvador, which could affect the Issuer Default Rating for the long term for the three main banks in El Salvador in the case that the rating is reduced again in the country.

On June 18, 2009, Fitch reduced the sovereign rating for El Salvador to "BB" from "BB+" and maintained the perspective at "negative." At the same time, it affirmed the ceiling for the country of El Salvador at "BBB-" (see the comments available at www.fitchratings.com).

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