Banca Mifel is a Mexican based bank, focused on commercial loans with modest market share within the Mexican banking system. Over the past few years, the bank has consistently expanded its business, contributing to growing operating revenue generation and stable interest margins. Likewise, adequate loan book performance has supported a manageable cost of risk, which, alongside good efficiency levels, has led to increasing internal capital generation and adequate capitalization. S&P Global Ratings therefore assigned its 'BB+' long-term issuer credit rating to Banca Mifel S.A. At the same time, we assigned our 'B-' long-term issue-level rating to its proposed perpetual, callable, subordinated, nonpreferred, noncumulative, Tier 1 capital notes. The stable outlook on the bank reflects our expectation that in the next
