Banco Fibra's exposures make its asset quality and capitalization particularly sensitive to deterioration among a small number of borrowers or economic groups. This risk has increased following the recent downgrade of Companhia Siderurgica Nacional (CSN; B-/Negative/--), given Fibra's direct exposure to CSN and significant exposure to other counterparties (such as distributors and suppliers) connected to the CSN group. Therefore, we revised the outlook on Banco Fibra to negative from stable and affirmed our'B'long- and short-term issuer credit ratings. The negative outlook indicates our view that increased uncertainty regarding the bank’s largest credit exposures could weaken asset quality, increase provisioning needs, and strain earnings and capitalization over the next 12 months. On Nov. 4, 2026, S&P Global Ratings revised
