S&P Global Ratings on Sept. 22 affirmed 's global scale BB- long-term issuer credit ratings and brAlong-term national scale rating, all with a negative outlook.

The ratings reflect the bank's weak business position due toits geographic concentration, strong capital and earnings, adequate riskposition, as well as below-average funding and adequate liquidity.

S&P believes that there's a very high likelihood that thebank would receive timely and sufficient extraordinary support from the statein the event of financial distress.

However, the negative outlook reflects the possibility ofasset quality deterioration beyond expectations amid Brazil's weak economy,S&P said. This could prompt the rating agency to revise down the bank'srisk position even though the bank practices prudent underwriting standardswith strong guarantee requirements.

S&P Global Ratingsand S&P Global Market Intelligence are owned by S&P Global Inc.