Bulletin: Banco BTG Pactual S.A.'s Proposed $250 Million Add-On To Existing Senior Unsecured Notes Won't Raise Refinancing Risk

SAO PAULO (S&P Global Ratings) Jan. 15, 2020--S&P Global Ratings said today that its 'BB-' issue-level rating on the senior unsecured notes that Banco BTG Pactual S.A.'s (BTG Pactual's) Cayman Branch issued, along with credit ratings on the bank, are unchanged following the proposed $250 million add-on. The add-on is for the existing senior unsecured notes of $500 million due 2025. BTG Pactual will use the proceeds primarily for general corporate purposes. Our rating on these notes reflects their pari passu ranking with the bank's other senior unsecured debt obligations. As a result, the rating is the same as the long-term issuer credit rating on BTG Pactual. In our view, the add-on doesn't change our view of the bank's funding

...SAO PAULO (S&P Global Ratings) Jan. 15, 2020--S&P Global Ratings said today that its '##-' issue-level rating on the senior unsecured notes that Banco BTG Pactual S.A.'s (BTG Pactual's) Cayman Branch issued, along with credit ratings on the bank, are unchanged following the proposed $250 million add-on. The add-on is for the existing senior unsecured notes of $500 million due 2025. BTG Pactual will use the proceeds primarily for general corporate purposes. Our rating on these notes reflects their pari passu ranking with the bank's other senior unsecured debt obligations. As a result, the rating is the same as the long-term issuer credit rating on BTG Pactual. In our view, the add-on doesn't change our view of the bank's funding profile and this doesn't increase refinancing risk. Our issuer credit ratings on BTG Pactual reflect its leading position as the largest investment bank in Latin America with a diversified revenue profile, as well as its stable earnings, adequate liquidity, and conservative...

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