Our ratings on Brazil-based bank Bradesco reflect its 'bbb-' anchor and our view of its "very strong" business position, "moderate" capital and earnings, "adequate" risk position, "average" funding, and "adequate" liquidity. We are affirming our 'BBB-/A-3' global scale and 'brAAA/brA-1' national scale ratings on Bradesco. The stable outlook on Bradesco reflects that on the sovereign, whose ratings limit the ones on Bradesco. On July 31, 2014, Standard&Poor's Ratings Services affirmed its 'BBB-/A-3' global scale and 'brAAA/brA-1' national scale ratings on Banco Bradesco S.A. (Bradesco). At the same time, we affirmed our 'brAAA' national scale ratings on its core subsidiary, Bradesco Capitalizacao S.A. The outlook remains stable. Our ratings on Bradesco reflect its 'bbb-' anchor and our view of
