S&P Global Ratings on Dec. 9 affirmed the BB/B global scale and brAA-/brA-1 national scale ratings of Banco Safra SA while maintaining its outlook to negative.

The bank's ratings reflect Brazil's "bb+" anchor and S&P's view of an adequate business position, moderate capital and earnings, strong risk position, below-average funding and adequate liquidity for the bank.

Meanwhile, the negative outlook on the bank reflects the negative economic and industry risk trend in S&P's Banking Industry Country Risk Assessment, or BICRA, on Brazil and the negative outlook on the sovereign.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.