Fitch upgrades Banca Mifel

Fitch Ratings said it upgraded Banca Mifel, SA's long-term foreign- and local-currency issuer default ratings to BB+ from BB and its viability rating to bb+ from bb.

The short-term foreign and local currency ratings were affirmed at B.

The long-term national scale rating of Mifel was also upgraded to A+(mex) from A(mex).

The long-term outlook is stable.

The bank's global subordinated debt was upgraded to BB- from B+.

Fitch said the upgrades are based on Mifel's sound financial performance and proven business model through the economic cycle, while improving its performance on a material and sustained basis.

The bank demonstrated capacity to increase its business volume in both credits and deposits, while maintaining reasonable capitalization levels and controlled delinquency ratios, despite the accelerated growth of its loan portfolio, the agency explained.

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