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S&P affirms Banca Mifel on strong asset quality, rising revenue

S&P Global Ratings on Dec. 21 affirmed its ratings on Banca Mifel SA Institución de Banca Múltiple Grupo Financiero Mifel, citing the company's strong asset quality metrics and its growing revenue, primarily from its lending unit.

S&P affirmed the bank's global scale ratings at BB/B and national scale ratings at mxA/mxA-2, both with a stable outlook. Its stand-alone credit profile remains at "bb."

The rating agency's projected risk-adjusted capital ratio for the bank is 9.7% on average for 2018 and 2019, which incorporates rising internal capital generation and lending growth.

"The bank's asset quality metrics continue to be stronger than the banking industry's average," S&P said. "However, Banca Mifel's loan portfolio concentrations, mainly by single-name exposures, remain."

The company's liquidity position provides it an adequate cushion to manage unexpected cash outflows over the next 12 months, the rating agency added.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.