Enhanced internal capital generation that supports adequate capitalization; and Long-standing customer relationship in its niche market. Small market share in the Mexican Banking Industry; Single-name and geographic concentrations. The stable outlook for the next 12 months reflects our expectation that Banca Mifel S.A. internal capital generation will continue to increase that will allow the RAC ratio to reach 9.7% on average for the next two years. We also expect the bank to maintain a similar business and risk profile as in the past. We could upgrade Banca Mifel for the next 12 months if it improves its RAC ratio above 10%. The latter could result from higher internal capital generation than our expectations and/or a capital injection. Conversely, we could
