S&P changes Banca Mifel to negative

Standard & Poor's said it revised the outlook on Banca Mifel SA to negative from stable.

The agency also affirmed its BB-/B global scale and mxBBB+/mxA-2 national scale ratings on the bank and the B- rating on its cumulative fixed-rate unsecured subordinated notes.

S&P said the ratings on Banca Mifel reflect the assessment of its "moderate" business position, capital and earnings, and risk position, and "below-average" funding and "adequate" liquidity relative to its Mexican peers.

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