On Oct. 16, 2018, we placed our ratings on Banca Mifel on CreditWatch with positive implications after the bank announced its plans to make an initial public offering (IPO) On Oct. 18, 2018, Banca Mifel announced that given the more difficult market conditions, it is cancelling the IPO. As a result, we're resolving the CreditWatch positive on our long-term 'BB' global and 'mxA' national scale ratings, as well as on Banca Mifel's 'B' subordinated debt issuance ratings. We're affirming the ratings and returning them to stable outlooks. On Oct. 22, 2018, S&P Global Ratings removed its long-term 'BB' global and 'mxA' national scale issuer credit ratings on Banca Mifel S.A from CreditWatch with positive implications, and affirmed the ratings. We
