Standard & Poor's Ratings Services on March 30 affirmedBradesco Seguros SA'sissuer credit and financial strength national ratings at brAA-. The outlookremains negative.
The ratings action reflects Bradesco Seguros' core groupstatus to parent company BancoBradesco SA, as well as the importance of insurance businesses todiversify the group's income, S&P said.
"Therefore, we believe that the businesses are wellintegrated and it is likely that the group will provide support to BradescoSeguros in any foreseeable circumstance," S&P noted.
In December 2015, insurance operations accounted for nearly31% of Bradesco's consolidated results.
Meanwhile, the negative outlook on the insurer's ratings isbased on the ratings assigned to its parent, which, in turn, reflects thenegative outlook on Brazil's sovereign ratings, S&P said.
S&P Ratings andGlobal Market Intelligence are owned by McGraw Hill Financial Inc.