S&P gives Banca Mifel notes B-

Standard & Poor's said it assigned its B- long-term subordinated debt rating to Banca Mifel SA's (BB-/stable/B) $125 million perpetual noncumulative nonpreferred subordinated notes to be issued.

The rating assigned to Banca Mifel's perpetual noncumulative subordinated nonstep-up notes reflects the subordination of the notes, the potential deferability of interest and capital payments and Banca Mifel's overall financial strength, the agency said.

The counterparty credit rating on Banca Mifel is based on important on-balance-sheet concentrations in the real estate and textile sectors, as well as a high level of restructured loans on the credit portfolio, S&P said.

The ratings reflect the bank's adequate financial performance during the past three years, a stable and loyal client base and improvements to credit risk management, the agency added.

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