Fitch Ratings has assigned Banco BTG Pactual S.A.'s USD500 million green senior unsecured notes due 2026 a 'BB-' final rating.

The notes were issued through BTG Pactual's Cayman Islands Branch under the parent bank's USD5 billion medium-term note program.

The final rating is in line with the expected rating that Fitch assigned to the proposed debt on Jan. 05, 2021; see 'Fitch Rates BTG Pactual's Senior Unsecured Notes BB-(EXP)' available on www.fitchratings.com.

KEY RATING DRIVERS

The senior unsecured notes are rated at the same level as the bank's 'BB- 'Long-Term Issuer Default Ratings (IDRs), which reflects the unsecured nature of the instruments. The notes will also rank pari passu with other senior unsecured obligations. BTG Pactual's IDRs are aligned with its 'bb-' Viability Rating (VR), indicating that its creditworthiness is driven by the bank's intrinsic credit profile.

For more details on BTG Pactual's ratings and credit profile, including its IDR rating drivers and sensitivities, see Fitch's press release 'Fitch Revises Brazilian FIs' LT IDR Outlooks to Negative Following Operating Environment Revision,' dated May 08, 2020, and the entity's rating report, dated June 10, 2020, available at www.fitchratings.com.

RATING SENSITIVITIES

As the bank's notes are aligned with its IDR, any change to the latter will prompt a similar action on the notes' rating.

Factors that could, individually or collectively, lead to positive rating action/upgrade:

Upgrades on debt ratings depend on upgrades of the BTG Pactual's VR, given it serves as an anchor rating for issuances.

Factors that could, individually or collectively, lead to negative rating action/downgrade:

Debt rating downgrades will depend on downgrades of BTG Pactual's VR, given that its serves as an anchor rating for issuances.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and Covered Bond issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit [https://www.fitchratings.com/site/re/10111579]

DATE OF RELEVANT COMMITTEE

06 May 2020

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

ESG CONSIDERATIONS

BTG Pactual has an Environmental, Social and Governance (ESG) Relevance Score of '4' for Group Structure due to its relatively complex organizational structure.

BTG has an ESG Relevance Score of '4' for Management and Strategy because execution of stated strategic objectives has lacked consistency.

These scores have a negative impact on the credit profile and are relevant to the ratings in conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg.

RATING ACTIONS

ENTITY/DEBT	RATING		PRIOR

Banco BTG Pactual S.A.

senior unsecured

LT	BB- 	New Rating		BB-(EXP)

VIEW ADDITIONAL RATING DETAILS

Additional information is available on www.fitchratings.com

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