On July 14, 2014, Brazil-based bank, Banco BTG Pactual, announced it has signed a binding agreement to acquire all of the shares of Switzerland-based bank, BSI. After the merger, the bank will have approximately 65% of its exposures in Brazil and the remainder in Switzerland, which we consider as lower risk than Brazil. We are placing our 'BB+/B' global scale and 'brAA/BrA-1' national scale ratings on the bank on CreditWatch with developing implications. We intend to resolve the CreditWatch listing after the completion of regulatory approvals and our assessment of the acquisition's impact on the bank's anchor, capital and business profile. On July 15, 2014, Standard&Poor's Ratings Services placed its 'BB+/B' global scale and 'brAA/BrA-1' national scale ratings
