Very strong and diversified franchise in Brazil, with a market-leading banking franchise, diversified earnings, and good track record. Low-cost, diversified and stable funding base that supports the business during market distress. Weak capitalization, although slower portfolio growth relieves pressure on risk-adjusted capital (RAC). Challenging credit environment as across-the-board asset quality pressure jeopardizes returns and leads to more refinancing. High business concentration in Brazil, with limited international diversification. S&P Global Ratings' National And Regional Scale Mapping Tables, June 1, 2016 Banks: Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions, Jan. 29, 2015 National And Regional Scale Credit Ratings, Sept. 22, 2014 Ratings Above The Sovereign--Corporate And Government Ratings: Methodology And Assumptions, Nov. 19, 2013 Quantitative Metrics For Rating Banks
