Strong market position in key sectors as a leading investment bank in Brazil; Adequate risk-based capitalization and diversified earnings profile; and Good risk-management track record. Like other investment banks, sensitive to franchise and investor-confidence risks; and Exposed to reputational and operational risks common to all banks in the industry. The stable outlook on Brazil-based investment bank Banco BTG Pactual S.A. (BTG) reflects our expectation that the bank will maintain adequate capitalization with a risk-adjusted capital (RAC) ratio above 7%. We also expect BTG to continue to demonstrate good risk management mitigating its exposure to reputational, operational, and market risks. We also expect there will be no material increase in its risk appetite and that the bank will satisfactorily manage its
