Strategy shift towards less risky business segments; and Adequate liquidity to cope with cash outflows over the next 12 months. Capitalization at risk of reaching the minimum regulatory capital ratio; Concentrated business profile relative to the industry average; and High credit losses due to its legacy portfolio. The negative outlook for the next 12 months reflects S&P Global Ratings' view that Banco Fibra S.A.'s financial profile could further weaken, bearing down on its capital and liquidity position amid slow activity and challenging conditions in Brazil's economy. We could lower the ratings if the bank reduces its liquidity and if we see weakness in its capacity to meet its financial commitments in adverse business, financial, or economic conditions. Furthermore, we could