Stable and diversified deposit base; Long-standing customer relationship in its niche market; and Adequate capitalization levels following a capital injection and enhanced internal capital generation. Small market position with little business and geographic diversification; and Risk position limited by above-average loan portfolio growth and single-name concentration in the loan portfolio. The stable outlook reflects our expectation that Banca Mifel's use of a recent capital injection for loan growth for the next two years will maintain its RAC ratio at 7.5% on average amid adequate asset quality and profitability. We could downgrade the bank if it uses the capital injection sooner than we expect, leading to loan higher-than-expected portfolio growth that's not compensated with internal capital generation. Under such scenario, the
