Stable and diversified deposit base; Long-standing customer relationships in its niche market. Small market position and business and geographic concentration; Moderate RAC ratio; and Risk position limited by above-average loan portfolio growth and client concentrations. The stable outlook on Mexico-based bank Banca Mifel S.A. reflects our expectation that the bank's projected RAC ratio will be about 6.2% in the next two years, as its financial performance will remain relatively stable. The outlook also incorporates our expectation that the bank will maintain NPAs and charge-offs of about 2% and that most of its growth will be in its traditional area of expertise. We could lower the ratings on Banca Mifel if it's not able to offset loan growth with internal capital
