Fitch affirms Banco BBM

Fitch Ratings said it affirmed Banco BBM SA's national long- and short-term ratings at A(bra) and F1(bra), respectively, and affirmed the support rating at 5.

The outlook for the national long-term rating is stable.

Ratings reflect BBM's track record of satisfactory performance, good credit and treasury controls, adequate funding structure and liquidity and the experience of its executives in the financial market, the agency said.

Ratings also reflect risk concentration in large companies and the challenges inherent in medium-sized banks in Brazil such as reduced access to funding as a result of the current economic downturn, Fitch said.

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