CHICAGO, May 24 /PRNewswire/ -- Following the adjustment of El Salvador's
local currency sovereign ratings, Duff & Phelps Credit Rating Co. (DCR) has
adjusted Banco Agricola's long-term local currency rating to 'BBB' (Triple-B)
from 'BBB+' (Triple-B-Plus).
DCR reaffirms all other outstanding ratings for Argicola, which include:
* Long-Term Foreign Currency at 'BB+' (Double-B-Plus);
* Short-Term Foreign Currency at 'D-4' (D-Four); and,
* Short-Term Local Currency at 'D-2' (D-Two).
All ratings remain constrained by the sovereign ratings assigned to El
Salvador.
Banco Agricola recently acquired Banco Desarrollo in El Salvador, a bank
with a sound balance sheet and a 5.7% market share in loans and 7.9% in
deposits. This places Agricola even further ahead in its ranking as the
largest bank in El Salvador. At March 31, 2000, the combined institution had
a predominant market share of 27.9% in loans and 33.4% in deposits. Total
assets and shareholders' equity equaled US$1.9 billion and US$150 million,
respectively.
SOURCE Duff & Phelps Credit Rating Co.
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Related links:
http://www.dcrco.com
CONTACT:
Eduardo Santibanez, 562-206-7171,
esantiba@dcrco.cl, or Alissa Ide, 312-606-2311, ide@dcrco.com,
both of Duff & Phelps Credit Rating Co.
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