S&P's Banco Bradesco ratings unaffected

Standard & Poor's said the acquisition of 89.2% of Banco do Estado do Ceará's total shares by Banco Bradesco SA for around $300 million will not have an immediate affect on Bradesco's ratings.

S&P said the acquisition and its goodwill will not affect Bradesco's creditworthiness, given its strong financials and liquidity.

Banco do Estado do Ceará's assets are not relevant in comparison with Bradesco's figures and do not cause significant improvement on a nationwide basis, but will increase Bradesco's presence in the Brazilian Ceará state, adding 70 branches to the bank, the agency said.

In addition, Banco do Estado do Ceará's acquisition should bring additional cross-selling opportunities to Bradesco coming from the exclusivity in managing the state employees' account up to 2010.

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