Sticky customer base and sound fee-based income generation due to its prominent role in executing public policies for the federal government; Diversified funding profile given the lender's large and stable retail deposit base and its administration of the national employment fund (FGTS); and Strong liquidity. Social role of some business lines and political influence could weaken performance; Risk-adjusted capital (RAC) ratio still weaker than peers; and High asset class concentration in real estate loans. The stable outlook on Caixa Economica Federal (Caixa) for the next 12 months reflects the outlook on Brazil (BB-/Stable/B), and we expect the ratings on the entity to move in tandem with that on the sovereign. On a stand-alone basis, we expect Caixa to maintain stable
