S&P affirms Banca Mifel

Standard & Poor's said that it affirmed the ratings on Banca Mifel SA, including the BB-/B counterparty credit rating and the mxBBB+/mxA-2 national-scale counterparty credit rating.

The outlook is stable.

S&P also affirmed the B- rating on Mifel's $100 million of perpetual, noncumulative, nonpreferred subordinated notes.

The ratings reflect the bank's limited capitalization and pressured profitability resulting from its expansion plans as well as its improvements in asset-quality indicators and its stable and loyal client base, the agency said.

The ratings on Mifel's notes reflect their subordination, the potential deferment of interest payments and the bank's overall financial strength, the agency added.

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