Fitch affirms Banca Mifel

Fitch Ratings said it affirmed Banca Mifel's long-term issuer default rating at BB- and its short-term issuer default rating at B.

The long-term local currency issuer default rating was affirmed at BB- and the short-term local currency issuer default rating was affirmed at B. The agency said it also affirmed the viability rating at bb-, the support rating at 5, and the support rating floor at NF.

The bank's $100 million perpetual non-cumulative junior subordinated callables notes and its $150 million cumulative subordinated preferred notes at were affirmed at B- and B, respectively. Finally, the agency said it affirmed the national scale long-term rating at A-(mex) and the national scale short term rating at F2(mex).

The outlook is stable.

Fitch said Mifel's ratings are driven by its moderate financial condition and weak operating performance, its relatively modest franchise and a business model that is gradually positioning Mifel as a strong competitor among its peers in commercial lending. The agency said a recent improvement of Mifel's capital adequacy was also a key factor supporting its affirmation and stable outlook.

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