We are assigning our 'BBB-/A-3' global scale and 'brAA+/brA-1' national scale ratings to a Brazil-based leading investment bank Banco BTG Pactual (BTG). Our rating on BTG reflects its adequate business, capital and earnings positions, moderate risk position, average funding, and adequate liquidity. We expect BTG will continue to demonstrate good risk-management capabilities, there will be no material increase in its risk appetite, risk-adjusted capital and earnings will remain adequate, and that funding and liquidity risks will be satisfactorily managed. On April 3, 2012, Standard&Poor's Ratings Services assigned its 'BBB-/A-3' global scale and 'brAA+/brA-1' Brazilian national-scale issuer credit ratings to Banco BTG Pactual S.A. (BTG). The outlook is stable. Standard&Poor's bases its ratings on BTG's adequate business
