S&P GlobalRatings on Oct. 7 placed the B+ long- and B short-term global scale credit ratingsof Banco Agrícola SA onCreditWatch with negative implications following a similar action on the bank's sovereign, El Salvador.

The rating agencynoted that the ratings are currently constrained by the foreign currency ratingof El Salvador.

Despite theplacement, the ratings of the bank continue to reflect a strong business positionand an adequate level of capital and profits, with a projected risk-adjusted capitalof 8% for the next two years, S&P said. The ratings also consider the bank'sadequate risk position due to stable asset quality indicators, average funding andadequate liquidity.

For Fitch, thecompany remains important for its ultimate controlling group, Bancolombia SA. The stand-alone credit profile remains at"bb+."

S&P Global Ratings and S&P Global MarketIntelligence are owned by S&P Global Inc.