S&P affirms Banca Mifel

Standard & Poor's said it affirmed the BB-/B counterparty credit and certificates of deposit ratings on Banca Mifel SA and the B- rating on its $100 million perpetual non-cumulative non-preferred subordinated notes.

The outlook is stable.

The agency also affirmed the mxBBB+/mxA-2 national scale counterparty credit rating with a positive outlook.

Ratings are constrained by a high level of restructured loans in its credit portfolio, pressured profitability, the bank's plans to expand into new markets through an expanded distribution network and a less benign operating environment, the agency said.

The bank's currently strong capitalization levels, a stable and loyal client base, and adequate credit risk management support the ratings, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.