Our ratings on Brazil-based bank Bradesco reflect its 'bbb-' anchor and our view of the bank's "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 the bank reflects that on the sovereign because its ratings limit those on Bradesco. On July 16, 2015, 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 Capitalização S.A. The outlook remains stable. Our ratings on Bradesco reflect its 'bbb-' anchor and our
