Agricola Credit Rating Chopped

S&P cut its rating for Banco Agricola to BB minus/ with a stable outlook. The move follows the ratings agency’s decision to cut the sovereign rating for El Salvador to BB minus from BB. The stable outlook reflects expectations Agricola’s business profile and financial performance will remain adequate, according to the agency. Although the bank has maintained its performance, S&P says the sovereign’s complex political environment limits the country’s economic growth prospects. The rating reflects limited growth prospects, according to the agency.