S&P affirms Bradesco

Standard & Poor's said that it affirmed the BBB/A-3 global-scale and brAAA/brA-1 national-scale ratings on Banco Bradesco SA, brAAA national-scale rating on Bradesco Seguros SA and brAAA national-scale rating on Bradesco Capitalizacao SA.

The outlook is stable.

The ratings on Bradesco and its core subsidiaries mainly reflect the bank's strong franchise in the Brazilian banking and insurance sectors and its conservative management, S&P said.

The ratings consider the bank benefits from a diversified funding source, high liquidity, resilient earnings and very good financial flexibility, the agency said.

The ratings also consider high competition in the local financial system and the risk inherent to operating in the Brazilian economy, the agency added.

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