Fitch rates BTG notes BBB-

Fitch Ratings said it assigned long-term foreign- and local-currency issuer default ratings of BBB- to BTG Pactual Holding SA, along with F3 short-term foreign- and local-currency issuer default ratings, AA(bra) long-term national rating and F1+(bra) rating and F1+(bra) short-term national rating.

The agency also assigned long-term foreign- and local-currency issuer default ratings of BB+ to BTG Investments LP, along with an expected BBB- rating to its senior guaranteed notes.

BTG Holding's long- and short-term issuer default ratings and national scale ratings are equalized with those of its sole operating subsidiary, Banco BTG Pactual SA.

The equalization of the ratings is based on the high correlation between the probability of default for BTG Holding and the bank, Fitch said.

The ratings also consider BTG Investments' role as an integral BTG Pactual group and the implicit support BTG Investments receives from BTG Holding, the agency said.

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