Very strong and diversified franchise in Brazil; Stable and capable management; and Adequate funding and liquidity position. Moderate capitalization; and Tough, competitive environment. The stable outlook reflects Standard&Poor's expectation that Bradesco will maintain its "very strong" business position as Brazil's second-largest private bank, stable levels of nonperforming loans, and adequate earnings generation in the next two years. A rating action on the bank would depend on a similar action on the sovereign, as long as we continue to view Bradesco's stand-alone credit profile as 'bbb+'. The 'bbb' anchor draws on our Banking Industry Country Risk Assessment (BICRA) methodology and our view of the economic and industry risk in Brazil, where Bradesco operates. The indicative BICRA for Brazil is
