Mexico-based bank Banca Mifel improved the risk-adjusted capitalization (RAC) ratio in 2014 through enhanced internal capital generation and growth in lower risk-weighted assets. We are revising our outlook on the bank to stable from negative. At the same time, we are affirming our 'BB-/B' global scale and 'mxBBB+/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 the projected RAC ratio will be about 6.2% in the next two years and that the bank will maintain relatively stable financial and asset quality performance. On April 22, 2015, Standard&Poor's Ratings Services revised the outlook on Banca Mifel to stable from
