Banco do Brasil S.A. Apr 10

Standard & Poors, April 2010

Abstract
Demonstrated support and commitment from shareholder Good competitive position in private-sector-related operations Extensive distribution network and ample access to low-cost funding Sound liquidity Exposure to sovereign credit risk and economic risks in Brazil Worse quality of capital base than at private-sector banks The ratings on Banco do Brasil S.A. (BdB) reflect its franchise, the strength of its stand-alone credit profile, which we assess as equivalent to 'BBB-', and the strong ties to its ultimate shareholder, the Federative Republic of Brazil (foreign currency: BBB-/Stable/A-3; local currency: BBB+/Stable/A-2; national scale: brAAA/Stable/--). The controlling shareholder has historically demonstrated financial support and commitment to BdB while influencing the bank's strategic direction. The bank benefits from a strong competitive position as the largest bank in...

Companies mentioned in this report are:
- Banco do Brasil S.A
- Banco Patagonia S.A.
- Banco Votorantim S.A.
- Ativos S.A. Securitizadora de Creditos Financeiros
- Brazil (Federative Republic of)
- Banco Nacional de Desenvolvimento Economico e Social

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

- Banco do Brasil S.A
- Banco Patagonia S.A.
- Banco Votorantim S.A.
- Ativos S.A. Securitizadora de Creditos Financeiros
- Brazil (Federative Republic of)
- Banco Nacional de Desenvolvimento Economico e Social

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