BANCO BTG PACTUAL S.A.
Fitch Ratings has assigned a 'BB' final Long-Term rating to
The notes due were issued through its
The final rating is in line with the expected rating that Fitch assigned to the proposed debt on
Key Rating Drivers
The rating on the notes corresponds to BTG Pactual's Long-Term Foreign Currency Issuer Default Rating (IDR, BB/Stable) and ranks equal to its other senior unsecured debt as the default on the notes equals to the default of the bank. BTG Pactual's ratings are driven by its standalone creditworthiness, as measured by its 'bb' Viability Rating (VR).
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
The rating of the notes could be downgraded in the event of a downgrade of BTG Pactual's VR and IDR.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
The rating of the notes could be upgraded in the event of an upgrade of BTG Pactual's VR and IDR.
For further information on BTG's rating rationale and sensitivities please refer to latest press release 'Fitch Takes Actions on 12 Brazilian Banks Following Sovereign Upgrade' dated
Date of Relevant Committee
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
The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.
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