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Banco BTG Pactual Upgraded to BB+ by Fitch
December 15, 2025
Banco BTG Pactual was upgraded by a notch to BB+ from BB by Fitch. The upgrade reflects the bank’s strengthened funding profile, improved business diversification, and sustained enhancement in core financial metrics. The agency also raised the bank’s Viability Rating to ‘bb+’, noting BTG Pactual’s exceptional franchise strength relative to domestic peers, resilient earnings, sound asset quality, stable capital, and stronger liquidity buffers. Fitch believes the bank’s creditworthiness now justifies being rated one notch above Brazil’s sovereign rating, supported by its capacity to continue servicing obligations even under severe sovereign stress. The upgrade also acknowledges BTG Pactual’s expanding and more balanced business mix, robust profitability and adequate capitalization, with CET1 ratio around 12% in recent periods. Asset quality remains solid, underpinned by a corporate-focused, high-quality loan book and well-managed market risk. While still wholesale-leaning, the bank’s funding structure has improved meaningfully through growing retail and wealth deposits. Fitch expects BTG Pactual to maintain above-average profitability and sees default risk contained, supported by diversified revenues and strong risk controls.
Its dollar bonds traded stable with its 5.75% 2030s at 102, yielding 5.2%
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