May 16, 2018 |
Fitch Ratings has upgraded Banca Mifel to BB+ from BB because of its sound financial performance and proven business model throughout various economic cycles.
The rating agency said in a report that Mifel had demonstrated a capacity to increase its business volume in both credits and deposits, while maintaining reasonable capitalization levels and controlled delinquency ratios, despite accelerating its loan portfolio.
Such factors also led Fitch to upgrade Mifel's subordinated debt to BB- from B
Mexican financial institution gets upgraded to BB+ because of sound financials