Sound market share in the Brazilian market, with leading positions in the banking, insurance, and asset management segments. Well diversified earnings sources that stabilize business. Low-cost, diversified, and stable funding base that supports the business during market distress. Pressured capitalization, although slower portfolio growth supports our risk-adjusted capital (RAC) ratio. The uncertain credit environment and the Brazilian banking system's high level of renegotiated loans remain concerns. The stable outlook on Banco Bradesco S.A. (Bradesco) reflects the outlook on our sovereign ratings on Brazil, and we expect the ratings on the bank to move in tandem with those on the sovereign in the next 12 months. We could lower the ratings on Bradesco following a similar action on the sovereign ratings
