Fitch affirms Banco Pactual

Fitch Ratings said it affirmed Banco Pactual SA's ratings and those of its fully owned subsidiary, Pactual Overseas Corp.

Fitch said Pactual's foreign and local currency ratings are at Brazil's country ceiling, reflecting a balance sheet dominated by Brazilian federal government debt instruments and the risks inherent in operating in a highly volatile market. Profitability is ensured by strong and diversified fee income.

Banco Pactual SA's long-term foreign currency rating was affirmed at BB- with a stable outlook; its long-term local currency rating at BB- with a stable outlook; its short-term foreign and local currency ratings at B; its individual rating at C/D; its support rating at 5; its national long-term rating at A+(bra) with a stable outlook and its national short-term rating F1(bra).

The long-term foreign currency rating for Pactual Overseas Corp. was affirmed at BB- with a stable outlook as was its long-term local currency rating BB- with a stable outlook. Also, the company's short-term foreign and local currency ratings were affirmed at B, and its support rating was affirmed at 4.

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