S&P Global Ratings on Jan. 31 affirmed Bradesco Seguros SA's issuer credit and financial capacity ratings at brAA-, with a negative outlook.

The rating agency said that the action reflects the company's core group status for parent company Banco Bradesco SA, as the insurance business is essential for the group's identity and for its income diversification.

"Therefore, we believe that those businesses are well integrated and that the group is likely to support Bradesco Seguros in any foreseeable circumstance," the rating agency said.

As of September 2016, insurance business accounted for 32% of the group's consolidated net profit.

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