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Fitch has assigned an A+ national scale long-term financial strength rating to the Salvadorian unit of Guatemala's largest bank, Banco Industrial (BI), with a positive outlook.
BI expanded into El Salvador last year, opening a bank with initial capital of US$20mn and setting itself a goal of running five branches by September 2011.
Given the short history of Banco Industrial El Salvador, its rating would be lower were it not for the potential financial support of its parent, Fitch said in a report.
To read the full report, in Spanish, go to this link.