Fitch Ratings has affirmed the ratings of Banco Brascan S.A. (Brascan) as follows. --Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'BB+'; Outlook Stable; --Short-term foreign and local currency IDRs at 'B'; --Support rating at '3'; --National Long-term rating at 'AA-(bra)'; Outlook Stable; --National Short-term rating at 'F1+(bra)'. The IDRs and National Ratings of Brascan reflect the support of the controlling shareholder, Brookfield Asset Management Inc. (BAM; IDR 'BBB' with a Stable Outlook). Brazil is a strategic market and the activities developed by the bank are a complement to the group's business in the country, although
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