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 Relatively heavy 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 a relatively resilient financial performance despite operating and economic challenges stemming from COVID-19 thanks to flexible balance sheet, cost structure, and sound management capabilities. An upgrade of BTG Pactual on the
