Fitch Ratings has affirmed the following ratings for Banco Brascan S.A. (Brascan).--Foreign and Local Currency long-term Issuer Default Ratings (IDRs) at 'BB+'; --Foreign and Local Currency short-term IDRs at 'B'; --Support Rating at '3'; --National long-term rating at 'AA-(bra)'; --National short-term rating at 'F1+(bra)'.The Rating Outlook for the long-term ratings is Stable. Fitch has also assigned an Individual Rating of 'D' to Brascan.The affirmation of Brascan's IDRs and National ratings reflects the support of its majority shareholder, Brookfield Asset Management (BAM, 'BBB' IDR with a Stable Outlook). Brazil is a strategic market, and the activities developed
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