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Fitch affirms Banco Davivienda Salvadoreno

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Fitch affirms Banco Davivienda Salvadoreno

Fitch Ratings onApril 8 affirmed Banco DaviviendaSalvadoreno SA's long-term issuer default rating at BB and itslong-term national rating at AAA(slv), with a stable outlook for both,following a peer review of El Salvador's largest banks.

The bank'sshort-term issuer default rating was affirmed at B; its short-term nationalrating was affirmed at F1+(slv). The bank's viability rating was also affirmedat "b+," and its support rating was affirmed at 3.

Fitch also affirmedthe bank's long-term national senior secured and unsecured debt ratings atAAA(slv), while its short-term national senior secured and unsecured debtratings were affirmed at F1+(slv).

The company's issuer default ratings and national ratingsreflects a moderate likelihood of support from its main shareholder, . Itsviability rating is highly influenced by the challenging operating environmentin El Salvador, Fitch said, adding that it believes the adverse environmentposes a risk to the bank's asset quality and medium-term growth prospect.

Fitch also affirmed the AAA(slv) long-term and F1+(slv),short-term national ratings of Inversiones Financieras Davivienda SA, the entitythrough which Banco Davivienda controls DaviviendaSalvadoreno. The outlook on long-term rating is stable.