Fitch affirms Banco Bradesco

Fitch Ratings said it affirmed all ratings of Banco Bradesco SA, including the BBB- foreign-currency and BBB local-currency issuer default ratings, F3 short-term foreign- and local-currency ratings, B/C individual rating, AAA(bra) national long-term rating, F1+(bra) national short-term rating and 3 support rating.

The agency also affirmed Bradesco Leasing SA's eighth and ninth debenture issues at AA+(bra).

The outlook is stable.

The agency said the ratings reflect a broad-based national franchise, the bank's consistent results through turbulent economic cycles, its solid and conservative management of a diversified business and customer base and strong performance since mid-2004 driven by growth in consumer finance and small to mid-sized enterprise lending and significant improvements in cost efficiencies.

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