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Fitch affirms Banco Azteca El Salvador's ratings

Fitch Ratingson Sept. 29 affirmed the long- and short-term national ratings of at BBB(slv)and F3(slv), respectively.

The outlookis stable.

The ratingsreflect the potential support Banco Azteca El Salvador would receive from parentGrupo Elektra, SAB de CVthrough its direct shareholder BancoAzteca S.A. Institución de Banca Múltiple, Fitch said.

Fitch notedthat the bank's quality indicators for its portfolio fare negatively compared toEl Salvador's banking system. Despite a slight improvement in nonperforming loansin the first half of 2016, they remain relatively high and above peers, Fitch said.However, Fitch believes that appropriate reserves coverage and high diversificationof the portfolio by individual debtors partially mitigate the risk.

The bank isalso characterized by a relatively robust but pressured profitability, high levelsof capitalization, and ample liquidity coverage on deposits, according to the ratingagency.