S&P affirms Banco Daycoval

S&P said it affirmed its BB-/B global scale and brA+/brA-1 Brazilian national scale issuer credit ratings on Banco Daycoval SA.

The outlook remains negative and the bank's stand-alone credit profile remains bb-.

The agency said the ratings on Daycoval reflect its somewhat concentrated business profile, given its focus on middle-market and payroll lending.

S&P said its analysis of Daycoval is also based on an expectation that it will maintain its strong internal capital generation, leading to a forecasted risk-adjusted capital ratio of about 8% for the next two years.

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