Fitch rates Banca Mifel notes B+

Fitch Ratings said it expects to rate Banca Mifel's upcoming issue of up to $125 million perpetual non-cumulative junior subordinated callable notes B+.

The agency currently assigns the company a BB for foreign- and local-currency long-term issuer default ratings, B for foreign- and local-currency short-term ratings and A-(mex) for national-scale long-term rating.

The outlook is stable.

The expected rating reflects the notes' junior ranking to senior unsecured and non-junior subordinated debtors. Mifel's ratings reflect adequate capitalization, liquidity and asset quality, Fitch said.

The ratings also consider limited revenue diversification and weak operating efficiency, as well as some borrower and sector concentrations and the bank's modest franchise, the agency said.

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