The asset quality of the Brazil-based bank Bradesco has deteriorated in the past few quarters; however, we don't expect its delinquency levels to significantly rise. We are affirming our global scale 'BBB/A-2' and national scale 'brAAA/brA-1' issuer credit ratings on Bradesco. The stable outlook reflects our view that the bank's satisfactory earnings will continue to build up enough capital, which will bolster its assets' growth. On Aug. 28, 2012, Standard&Poor's Ratings Services affirmed its global scale 'BBB/A-2' issuer credit ratings on Banco Bradesco S.A. At the same time, we affirmed the national scale 'brAAA/brA-1' ratings on Bradesco and the 'brAAA' rating on its core subsidiary, Bradesco Capitalizacao S.A. The outlook is stable. The 'bbb' anchor draws on our
