Fitch trims Banca Mifel

Fitch Ratings said it downgraded Banca Mifel, SA’s long-term foreign- and local-currency issuer default ratings to BB- from BB and variability rating to bb- from bb and removed them from under criteria observation. Additionally, the agency lowered the national long-term rating to A(mex) from A+(mex).

Fitch put the ratings under UCO on Nov. 17, following the publication of its updated bank rating criteria on Nov. 12, that incorporates fixed weights for each key rating driver.

“The removal of the UCO and downgrade mainly reflects the impact of Fitch’s updated bank rating criteria which results in an implied VR of bb-. Despite business profile (20%) and funding and liquidity (10%) are scored at bb, they do not have a positive impact on the rest of the credit factors currently at bb-,” the agency said in a press release.

The outlook is stable.

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