Sound market share in Brazil with leading positions in the banking, insurance, and asset management segments. Solid and wide client base that supports revenue generation in several business segments. Low-cost, diversified, and stable funding base. High competition in the Brazilian bank sector may pressure Bradesco's strong margins. Weak capitalization metrics despite the bank's high profitability. Weakening economic conditions in Brazil may constrain the bank's credit growth pace. The stable outlook on Banco Bradesco S.A. (Bradesco) reflects the outlook on our sovereign ratings on Brazil (BB-/Stable/B). We expect the ratings on the bank to move in tandem with those on the sovereign in the next 12 months. In our view, Bradesco will continue to diversify its revenue sources, by taking advantage
