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Banca Mifel S.A. Jun 11
Standard & Poors, June 2011
Abstract
A stable retail deposit base and access to funding with development banks that support sound balance sheet liquidity Niche bank with a loyal client base Well-defined strategy Small size in a competitive environment Stressed capitalization, but we expect it to improve during 2011 Pressured profitability Still-high geographic concentration in Mexico City and surrounding areas The ratings on Banca Mifel S.A. reflect the bank's limited capitalization and pressured profitability resulting from its expansion plans. Its improvements in asset-quality indicators and its stable and loyal client base offset the negative factors. The ratings on Mifel's notes reflect their subordination, the potential deferment of interest payments, and the bank's overall financial strength. The ratings also consider expected plans to raise capital that will...
Companies mentioned in this report are: Banca Mifel S.A.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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