Long-standing customer relationships in its niche market; and Enhanced internal capital generation that supports adequate capitalization. Small market share in the Mexican banking industry; Single-name and geographic loan concentrations; and Concentrated wholesale deposit base. Banca Mifel S.A.'s stable outlook reflects our expectation that its internal capital generation will continue to increase while it maintains comparable non-performing asset (NPA) ratios with the rest of the Mexican banking system. We also think that the bank will keep a similar funding structure for the next 12 months. We could lower the ratings in the next 12 months if Banca Mifel's risk-weighted assets (RWAs) increase beyond our expectations because of higher-than-expected growth in riskier segments, such as construction loans, and result in a projected
