Fitch affirms Banco do Brasil's 'BB' rating and maintains stable outlook

Fitch Ratings has reaffirmed Banco do Brasil's long-term foreign currency and local currency issuer default ratings (IDRs) at 'BB' and the short-term foreign currency and local currency IDRs at 'B'. The rating agency also reaffirmed the viability rating (VR) at 'bb', the government support rating (GSR) at 'bb', and the national long-term and short-term ratings at 'AAA(bra)' and 'F1+(bra)', respectively. The outlooks for the long-term ratings are stable. Among the main drivers of the rating, according to the agency, is the potential government support. Fitch believes that the Brazilian government's willingness to support Banco do Brasil, if necessary, is high, given the institution's ownership structure, its role in rural credit policies, and its systemic importance. The VR is sustained by consistently healthy profitability and a granular and stable funding base. The indicator considers Banco do Brasil's good capitalization and well-balanced credit mix. Fitch also highlights that ...