Sound market share in the Brazilian market with leading positions in the banking, insurance, and asset management segments. Solid and wide client base that supports its revenue generation in several business segments. Low-cost, diversified, and stable funding base. The bank's payout ratio reduces its capital build-up. The uncertain credit conditions and the Brazilian banking system's high level of renegotiated loans remain concerns. The stable outlook on Banco Bradesco S.A. (Bradesco) reflects the outlook on our sovereign ratings on Brazil, and we expect the ratings on the bank to move in tandem with those on the sovereign in the next 12 months. We expect Bradesco will continue to diversify its revenue sources, by taking advantage of its wide client base and
