Fitch reaffirmed Bradesco’s rating at BB, with a negative outlook. In a statement, the agency said it also assigned a final BB rating to the bank’s $500 million senior unsecured notes.
According to Fitch, the bank’s rating is one notch above Brazil’s because of its “solid credit profile”, with a stable business profile, diversified revenue and consistent performance in various economic cycles, “even in times of economic crisis”.
She also mentions the conservative risk profile, funding base, strong liquidity and adequate asset quality, allied to a “good capitalization”.
The rating advance in relation to Brazil, however, is limited, since the bank is very exposed to the sovereign, argues the agency.
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