Strong management team, with a proven track record and commitment to the bank's sustainability due to its partnership model; Leading position as the largest investment bank in Latin America, with a relatively diversified revenue profile; and Conservative capital management. The volatility inherent in its large investment banking and sales and trading businesses; Challenging economy in Brazil; and Dependence on wholesale funding. The outlook on Banco BTG Pactual S.A. (BTG Pactual) is stable, reflecting our expectation that over the next 12 months we believe the bank will maintain its stable financial performance and continue to diversify its business through its digital retail platform. An upgrade of BTG Pactual on the national scale could occur if the bank continues diversifying its funding
