Following a review under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our global scale 'BBB/A-3' ratings and national scale 'brAAA/brA-1' ratings on Banco Bradesco S.A. We also affirmed our 'brAAA' rating on its core operating subsidiaries, Banco Seguros S.A. and Bradesco Capitalização S.A. The outlook on all entities is stable. Our ratings on Banco Bradesco S.A. reflect its very strong business position, moderate capital and earnings, adequate risk position, average funding, and adequate liquidity. The stable outlook reflects our expectation that the bank will continue to grow its business volume to maintain its relevant business position. As we previously announced, on Nov. 29, 2011, Standard&Poor's Ratings Services affirmed its global scale
