Long-standing customer relationships in its niche market. Enhanced internal capital generation that supports adequate capitalization. Small market share in the Mexican banking industry despite aggressive loan growth. Single-name and geographic concentrations. The stable outlook on Banca Mifel S.A. for the next 12-18 months reflects S&P Global Ratings' expectation that the projected risk-adjusted capital (RAC) ratio will be about 7.4% for the next two years and the bank will maintain stable financial and asset quality performance. We could lower the ratings in 2018 if the bank is unable to maintain a RAC ratio above 7% as a result of higher-than-expected loan portfolio growth that's not compensated for by internal capital generation, or if asset quality deteriorates to such a level that
