Our ratings on Brazil-based bank Bradesco reflect its 'bbb' anchor and our view of Bradesco's "very strong" business position, "moderate" capital and earnings, "adequate" risk position, "average" funding and "adequate" liquidity. We are affirming our 'BBB/A-2' global scale and 'brAAA/brA-1' national scale ratings on Bradesco. The negative outlook on the global scale ratings reflects that on the sovereign. SAO PAULO (Standard&Poor's) July 30, 2013--Standard&Poor's Ratings Services affirmed its 'BBB/A-2' global scale and 'brAAA/brA-1' national scale ratings on Banco Bradesco S.A. (Bradesco). At the same time, we affirmed our 'brAAA/brA-1' national scale ratings on its core subsidiary, Bradesco Capitalização S.A. The outlook on the global scale ratings is negative and the outlook on the national scale ratings
