...The IDRs and the National Ratings of Banco BTG Pactual S.A. (BTG Pactual, the former Banco UBS Pactual S.A. (UBS Pactual)) are driven by the bank's Individual Rating. The Individual Rating is based on its solid franchise as a merchant bank in Brazil, its good earnings track record, welldefined structure and philosophy, supported by a group of experienced professionals, and strong risk controls, tested successfully in various crises. The Individual Rating is constrained by the quality of the bank's capital, by the limitations on future capitalisation inherent in the partnership business model, as well as by relative lower diversification on its balance sheet and its revenue stream....
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