Mexico-based bank Banca Mifel has continued to improve its financial performance despite a cooling economy. We're affirming our 'BB/B' global scale and 'mxA/mxA-2' national scale counterparty credit ratings on the bank, and our 'B' issue-level rating on the bank's fixed-rate cumulative subordinated preferred notes. The stable outlook reflects our expectation that Banca Mifel's projected risk-adjusted capital (RAC) ratio will be about 7.4% in the next two years and the bank will maintain stable financial and asset quality performance. On Feb. 9, 2017, S&P Global Ratings affirmed its 'BB/B' global scale and 'mxA/mxA-2' national scale ratings on Banca Mifel S.A. The outlook for both scales remains stable. At the same time, we affirmed our 'B' issue-level rating on the bank's fixed-rate
