Thanks to a significant capital injection in 2015 and stronger internal capital generation, Mexico-based Banca Mifel has improved its risk-adjusted capitalization (RAC), which we now view as adequate. We're raising our global scale rating to 'BB' from 'BB-' and our long-term national scale counterparty credit rating to 'mxA' from 'mxBBB+' on the bank. We're affirming our short-term national scale 'mxA-2' counterparty credit rating. We're also raising the rating on the bank's fixed-rate cumulative subordinated preferred notes to 'B' from 'B-'. The stable outlook reflects our expectation that Banca Mifel's use of the recent capital injection for loan growth for the next two years will maintain a RAC ratio of 7.5% on average, while maintaining adequate asset quality and profitability. On
